House in India

[Sparkle]

I was wondering, what are the rules regarding NRIs building their own house in India..? You need permission..and there are certain some tax issues.. what more :confused:

[rajani]

Indian government are supporting NRIs to have a home in india. It will be beneficial for india too. Thats why rules are simplified. for more rules, plz visit http://www.indiainvestmentproperty.com

[vikas2607]

Chief Minister of Goa, Mr. Digamber Kamat said that his government is seriously considering regulating the sale of property to foreign nationals in the state. The Goa government is working out on a bill to tense up the control on sale of land to foreigners. On this issue, Mr. Kamat said, “It’s not yet a cabinet decision but we are all concerned about how the image of Goa is being ruined in the wake of certain incidents involving foreign nationals”.

While Law Minister Dayanand Narvekar has announced that the government has decided to ban foreigners from buying properties in Goa, the ground reality may be different.

Mr. Narvekar told in a press conference,“The government has decided to bring in the Legislative Assembly an amendment to Section 22 of the Registration Act, which will empower the State government to ban the sale as part of its public policy”. But he elaborated by saying that registration of sale of land to any foreigner henceforth will require clearance from the Reserve Bank of India. However, Foreign Exchange Management Act (FEMA) does not mention that an NOC is necessary for buying property.

http://www.indiarealestatemonitor.com/

[amittewari]

actually it is very important to make some guidances and rules for NRI'S when we purchase some houses in india
bcz their is safety issue beside it

[nancyarora2020]

The Indian Government has considerably eased the restrictions relating to investments by NRIs in house property. There is virtually no restriction or approval required for an NRI to invest in properties in India from funds received in India through normal banking channels or held in Non-resident External (NRE) account/ Foreign Currency Non-resident (FCNR) account (B)/ Non-resident Ordinary (NRO) rupee account. However, investment in agricultural land/ plantation property/ farm house is currently prohibited. The recurring rental income earned on letting out of property is also freely repatriable.NRIs can purchase residential and/or commercial properties without any restriction. In other words, there is no ceiling on the number of such properties, he can buy, the size or value of such property etc. There is no ceiling on the value of such properties he can buy so long as it is only residential or commercial property i.e. it can be a villa, penthouse, shopping mall or all the shops on M G Road! There is no document or statement or any such details to be sent to RBI, government of India or to any bank before, during or after such purchase.This freedom is available to all non-residents who are either citizens of India (i.e. holding Indian passports) or who are Persons of Indian Origin (PIO). The permission is for buying residential or commercial property and not purchase of agricultural land or plantation property or farm house in India.On the other hand, a foreign national of non-Indian origin resident outside India (e.g. Mr George Bush) cannot acquire any immovable property in India by way of purchase. Moreover property cannot be purchased jointly in the name of one eligible person with one non-eligible person even as a second name. That means an NRI or PIO cannot buy a property jointly with a foreigner (i.e. who does not even have the PIO status).For more view- realtydigest.blogspot.com