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Purchase: |
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A specified form called the IPI 7 needs to be filed with the central office of the RBI along with the title deed or any other certified copy of the document proving that the NRI has executed an agreement to purchase property within the country. The form has to be filed within 90 days of the purchase of property and has to be accompanied with a bank certificate stating the consideration paid for the purchase. Permissions are generally granted without undue delays if all the relevant papers are submitted. There is no limit on the number of investments or the quantity of investments that can be made in real estate. The immovable property can be purchased by inward remittances from any place outside India or through funds maintained in NRI accounts in the banks within the country |
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Sale Factor: |
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In the selling factor the difference of that of a Person of Indian origin (PIO) and Indian Citizen is that a PIO can sell immovable property only to a person resident in India, while an Indian citizen can sell immovable property to any other Indian citizen or person resident in India or a PIO. A lock in period of three years is set for a NRI desiring to sell property.
This is with accordance to the FEMA (Foreign Exchange Management Act) regulations. NRI can sell property only after three years from the date of acquisition of the property or from the date of payment of the final installment of the consideration for its acquisition, whichever is later. |
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