Are you an NRI? Considering an investment in real estate? And often feel that can NRIs buy property in India. And yes! The real estate market welcomes NRIs to invest in residential and commercial properties. The law allows NRIs to purchase properties in India. It is also necessary for NRIs to follow some RBI guidelines when buying property in India. Let us know more about the tax implications for NRIs buying property in India, covering legalities and documents.
Can NRIs Buy Properties in India, and What Kind of Property Can an NRI Buy?
To stay connected to their roots and provide a home or property to their families. NRIs purchase properties and can generate rental income. Real estate investment is a solid investment option with higher returns. But can NRIs buy property in India without visiting? Yes! All thanks to the technology and legalities that make it possible to buy property without being physically present, Form 32A is the way with which an NRI can purchase property remotely without being physically present.
NRIs can buy properties that don’t require special permission from the Reserve Bank of India, either residential or commercial property. However, there are few restrictions on purchasing agricultural land, plantation properties, and farmhouses.
Have you ever thought or wondered, Can foreigners buy properties in India? And the answer is yes. If you are not of Indian origin, the process becomes more complicated, and many more restrictions also accompany it. However, the NRIs and PIOs (Persons of Indian Origin) have some special privileges.
If you are wondering what properties NRIs can purchase, they have the freedom to buy residential properties like apartments, villas, or bungalows. Commercial spaces are an excellent investment option for buying office spaces, shops, and rental spaces.
Tax implications
Wondering what tax implications there are for NRIs buying property in India? NRIs are subjected to knowing stamp duty and registration charges as residents of India:
RBI Guidelines
How NRIs buy properties in India, RBI has laid some rules and regulations under FEMA (Foreign Exchange Management Act):
Making all the payments transparent with no cash flow transactions, the payments should be made through banking channels like NRE/NRO accounts. Joint ownership can be done with other NRIs or residents under FEMA rules. You can repatriate the proceeds to your overseas account under certain conditions when selling property.
So, if you are asking, Can NRIs buy property in India without being physically present? Then the answer is yes! by strictly sticking to the guidelines of RBI.
Documents Required
If you’re wondering about the paperwork needed to purchase property, here’s the checklist:
- Passport
- Visa
- Address proof
- Power of Attorney
- Income Proof
- NRE/NRO account details
Sometimes the transactions might be complicated, but consulting experts ensures you don’t miss anything.
How Does an NRI Buy Property in India Without Being Present?
The technology has been so advanced these days that there are multiple options to manage to buy property in India. You don’t have to be physically present in India. A few of the options are:
- Online Listings
- Virtual Tours
- Digital Documentation
- Power of Attorney
Choosing Flivv
We at Flivv specialise in guiding the NRIs for real estate investment in Hyderabad. Whether it’s NRIs buying properties in India, understanding the RBI guidelines, or navigating the tax implications, our team is here to assist you every step of the way. Additionally, we provide expert advice to ensure a smooth and informed investment process.
We understand that buying a property remotely is a daunting task. And that’s where Flivv comes in, providing personalized support to help you decide whether an open plot or farmland is the best option for you. So, because you need expert guidance, Flivv ensures that every step of your real estate journey is smooth and informed.
Let us help you choose a property and reconnect to your homeland.
