Yes, NRIs are allowed to invest in immovable properties in India
NRI’s are not required to take any permission of RBI while acquiring any residential and commercial property in India
Reserve Bank of India has given permission to foreign citizens of Indian origin to purchase immovable property in India for their residential use. Hence, they do not need to obtain any permission.
You may pay for your property by cheque or bank transfer. NRI clients may only pay from their foreign bank account or from an NRO or NRE account with an Indian bank.
While purchasing a residential immovable property in India, the foreign citizens of Indian origin are required to file a declaration in form IPI 7 with Central Office of Reserve Bank at Mumbai within 90 days from the date of purchase of that immovable property. They can also submit a final payment of purchase consideration along with a certified copy of document which is an evidence of transaction and the bank certificate of the consideration paid. The legal team of Harbour Greens will assist you in doing the same.
Reserve Bank of India has given permission to foreign citizens of Indian origin to acquire or dispose of a residential property by way of gift from or to any relative who is a citizen of India or a person of Indian origin (in case he is not the citizen of India) subject to compliance with applicable tax laws
Reserve Bank of India has given permission to foreign citizens to acquire any type of residential properties in India other than agricultural land/farmhouse/ plantation property. The land which will be transferred to the customer in this case will be vastu (Residential) land.
Reserve Bank of India has given permission to rent out any immovable residential/commercial property in India. However, the rental income or proceeds of any investment of such income are eligible for repatriation.
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