Registration of property purchased by NRI/POI
Ashu Joshi
(Querist) 19 April 2010
This query is : Resolved
Dear Experts,
If an NRI/ POI is not holding any POI card or OCC (overseas Citizenship Certificate), can he get the registration of his propert purchased by him, in India?
Thanks & Regards
Raj Kumar Makkad
(Expert) 19 April 2010
No. He cannot purchase any immovable property in India in the given case.
A V Vishal
(Expert) 19 April 2010
He can get the registration done.
Ashu Joshi
(Querist) 20 April 2010
Vishal sir, please explain the full procedure in that case.
thanks & regards
A V Vishal
(Expert) 20 April 2010
Ashu
Give the complete facts and I shall advise accordingly.
Ashu Joshi
(Querist) 20 April 2010
Sir,
a sale deed has been executed between an NRI and a Builder Company for a particular flat.now the NRI is not holding any POI or OCC. Can that sale deed be registered in the concerned sub registrar office? what are the formalities n procedure to be followed in that case.
Thanks & Regards
A V Vishal
(Expert) 21 April 2010
The PIO/OIC can execute a specific POA in favor of any trusted agent for registration purpose.
Ashu Joshi
(Querist) 23 April 2010
Vishal Sir,
Actually NRI is not holding any PIO or OCC card.in that case tell me please what is the way out to get the property registered in his name?
Thanks & Regards
A V Vishal
(Expert) 23 April 2010
THERE IS NO REQUIREMENT OF ANY PIO OR OIC CARD BY THE NRI, THE FACT THAT YOUR CLIENT IS A NRI IF MENTIONED IN THE SALE DEED IS SUFFICIENT.
Ashu Joshi
(Querist) 23 April 2010
Vishal Sir,
Is there any provision in this regard that only NRI status mentioned in the sale deed is sufficient? How the Sub Registrar will register the property unless submission of ID proof by the NRI/PIO?
Thanks & Regard
sanjeev murthy desai
(Expert) 24 April 2010
Dear Ashu Joshi,
Foreign Exchange Management Act (FEMA), 1999 under NRI/PIO should get the general permission from the Reserve Bank of India. The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land / plantation property / farm house in India.
However, citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan cannot acquire or transfer immovable property in India, (other than on lease, not exceeding five years) without prior permission of the Reserve Bank.
If you have the Indian possport there is sufficient proof to register the property in india but, you have to get the permission from the RBI.
sanjeev
A V Vishal
(Expert) 24 April 2010
Is NRI/PIO who has purchased residential/commercial property under general permission required to file any documents with Reserve Bank of India?
Ans.: NRI/PIO who has purchased residential/commercial property under general permission is not required to file any documents with the RBI.
A V Vishal
(Expert) 24 April 2010
http://www.indianground.com/nri/nri-faqs-rbi.aspx#faq2
Ashu Joshi
(Querist) 24 April 2010
Vishal Sir,
My problem is regarding the submission of ID proof by the NRI/ PIO before the Sub Registrar for the purposes of registering the property purchased under general permission.
NRI/ PIO has purchased the property under general permission. Now for registring that property, ID & residential proof has to be submitted before the concerned Sub Registrar.
Thanks & Regards
A V Vishal
(Expert) 24 April 2010
He can give copy of his foreign passport as ID proof
