23 December 2010
Can a foreign person (not an Indian citizen or Indian origin ) invest in an immovable property in India(other than for real estate business ) ,please explain according to FEMA with clear sections?
23 December 2010
No. Under section 2 (ze) of the Foreign Exchange Management Act, 1999 ‘transfer’ includes among others, ‘purchase’. Therefore, a foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of purchase.
Foreign Citizen resident in India may be allowed to acquire Immovable property in India. However, Citizen of Pakistan, Bangladesh, Nepal, Chaina etc shall require prior approval of RBI.
Foreign Citizen resident outside India are generally not allowed to acquire Immovable property in India. However, they may seek permission of RBI
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