June 8th, 2010
Can non-resident non-nationals buy residential property in India?
I want to invest about $200,000 in real estate in India. I am an Irish citizen. How can I buy property and what is the most reputable Indian real estate agent dealing with non-residents ?
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Need to know intended use for the residence; your $200K might be better spent in a different form of Indian investment or in another market, depending upon the currency exchange rate.
The Reserve Bank of India regulates foreign ownership of property in that country. Although FDI (Foreign Direct Investment) in the Indian real estate sector was first permitted in 2005, and is allowed to the extent of 100% foreign ownership (conditional), the intent was to encourage financial investment in the commercial sector. This relaxation of the nation’s foreign property ownership laws is what has driven the recent boom in the Indian real estate market.
An updated FAQ item dated Feb. 1st, 2007: “Acquisition and Transfer of Immovable Property in India by a person resident outside India” on the Bank of India website states that, “A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India”. I have read however, that the bank has made exceptions for individuals if certain conditions are met, but would have to verify with contacts there. Check additional International Buyer resources and credentials in source below.
Good Luck, and hope this helps.
u kunt geen proerty kopen direct u zult moeten kopen aangezien een partner van Indische nationaal als JV conatct wij u uit zullen helpen