Sayed Maqsood Ahmed 03 January 2022

selling of NA plot by OIC persovs

I m holding OIC presently living In South Africa.
while in india I purchased NA plot in 1995.
want to sell this plot.
would like to know what docs are required to sell
thanks in advance
sayed
your quick response appreciated

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Quick Summary

An Overseas Citizen of India (OCI) cardholder who purchased an NA plot in India in 1995 is seeking information on the required documents for selling it. Recent Supreme Court rulings and regulations indicate that OCI cardholders, including those of Indian origin living abroad, may face restrictions on buying and selling property in India without prior Reserve Bank of India (RBI) permission. While past transactions may be unaffected, new sales require careful adherence to these legal stipulations.

3 Replies

Anaita Vas 08 January 2022

According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India.

Also last February the Supreme Court ruled out that any sale or gift of a property by a foreigner without prior permission of the RBI would be illegal.

“We hold that the condition predicated in Section 31 of the Foreign Exchange Regulation Act, 1973 of obtaining “previous” general or special permission of the RBI for transfer or disposal of immovable property situated in India by sale or mortgage by y a person, who is not a citizen of India, is mandatory,” a bench presided over by Justice A M Khanwilkar said.

But the court announced that the transactions which have already become final including by virtue of the decision of the court of competent jurisdiction, need not be reopened or disturbed in any manner due to this sudden announcement.

Regards,

Anaita Vas