Can Overseas Citizen of India purchase property in India?
Yes, Overseas Citizens of India (also know as OCI Card Holder) has the right to buy commercial and residential properties in India. But Overseas Citizens of India are not allowed to buy agricultural land, including farmland or any plantation property.
Is it possible for a foreign national of non-Indian origin resident outside India to buy immovable property in India?
As per the government rules, a foreign national of non-Indian origin, resident outside India cannot buy any immovable property in India land. Unless such property is obtained by way of inheritance from India Resident, still, he/she can get or transfer immovable property in India, on the lease, not exceeding five years. In these cases, there is no obligation of taking any approval of/ or reporting to the Reserve Bank of India.
Is it allowed to foreign national who is a person resident in India to buy immovable property in India land?
As per Section 2(v) of FEMA, 1999, a foreign national who is a ‘person resident can buy immovable property in India land. However, the concerned person has to acquire the approvals and fulfill the requirements from other authorities such as the State Government concerned, etc. The person has to validate his/her residential status as per the extant FEMA rules if required by any government authority. Conversely, a foreign national resident in India who is a citizen of Bangladesh, Pakistan, Sri Lanka, China, Afghanistan, Nepal, Iran, and Bhutan would require prior approval of the Reserve Bank.
A person who had bought property in India when he was an Indian citizen can continue to hold that property rights without the approval of the Reserve Bank after becoming an OCI cardholder?
Yes, An individual who had bought property in India when he was an Indian citizen can continue to hold that property rights without the approval of the Reserve Bank after becoming an OCI cardholder? Even, He can transfer property by way of gift to an individual resident in India, an individual resident outside India, and a citizen of India or an OCI cardholder resident outside India.