Acquisition and Transfer of Immovable Property in India by a Non-Resident Indian (NRI)

Here are some notes about the acquisition and transfer of immovable property in India by a Non-Resident Indian (NRI):

  • Who can acquire immovable property in India?
    • A person resident outside India who is a citizen of India (NRI) can acquire by way of purchase, any immovable property in India other than agricultural land/plantation property/farm house.
    • A person of Indian origin who is resident outside India can acquire by way of purchase, any immovable property in India other than agricultural land/plantation property/farm house.
  • Who can transfer immovable property in India?
    • An NRI can transfer any immovable property in India to:
      • A person resident outside India who is a citizen of India.
      • A person of Indian origin resident outside India.
      • A person resident in India.
    • An NRI may transfer agricultural land/ plantation property / farm house acquired by way of inheritance, only to Indian citizens permanently residing in India.
  • What are the restrictions on acquisition and transfer of immovable property by NRIs?
    • NRIs cannot acquire agricultural land/plantation property/farm house in India.
    • NRIs cannot acquire immovable property in India on lease for a period exceeding 5 years.
    • NRIs cannot acquire immovable property in India for the purpose of carrying on business in India.
  • What are the documents required for acquisition and transfer of immovable property by NRIs?
    • Passport
    • Visa
    • Proof of identity
    • Proof of residence
    • Proof of purchase/sale
    • No objection certificate from the Reserve Bank of India (RBI) if the property is being acquired on lease for a period exceeding 5 years.
  • What are the procedures for acquisition and transfer of immovable property by NRIs?
    • The procedures for acquisition and transfer of immovable property by NRIs vary depending on the type of property and the location of the property. However, in general, you will need to contact a real estate agent or lawyer who specializes in NRI property transactions to initiate the process.

Here are some additional notes:

  • The RBI may impose additional restrictions on the acquisition and transfer of immovable property by NRIs from time to time.
  • You should check with the RBI in advance to see if there are any specific restrictions on the acquisition and transfer of immovable property by NRIs.