NRI Investment in Real Estate!!!
It is the best time for NRI (Non-Resident Indians) and foreign investors observe India specially Gujarat. Not simply in light of the fact that Indian economy will turn into world’s biggest economy by year 2050 which is anyways too far out to invest for. But since these are quite undeniable changes, changes which will have a huge effect on India’s prospects in the following decade. The open door is here and it is enticing you.
Land has been one of the lucrative investment areas for non-resident Indians (NRIs) and NRI investment in real estate is always welcomed in India. Additionally, whether the business is hot or not, numerous NRIs like to have a spot back here in India. Be it a residential property for NRI or commercial property for NRI, the RBI’s regulations on it are genuinely simple also and you don’t need to take any earlier authorization from authorities. The rules for any such property transaction fall under the Foreign Exchange Management Act (FEMA).
A NRI or Person of Indian Origin (PIO) can own both residential and commercial properties in India and there is no restriction on the quantity of properties you can purchase. There are plots for NRI and flats for NRI which they can buy. On the other hand, you can’t buy any agricultural land, farm house and plantation property. You can have ownership of such property only if they’ve been gifted or inherited.
Additionally, the financial exchange must be in Indian rupees (INR) and through normal banking channels using an NRI account.
Kindly click on below link to check the Notification No.FEMA 21 /2000-RB dated 3rd May 2000