NRI Real Estate and Property Investment in India
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NRIs to now Buy Property without RBI Approval
Friday, September 12, 2008

The government is planning to allow the PIO (Persons of Indian Origin) to buy property in India without mandatory RBI approval and without the hassles of producing a valid visa. The current Foreign Exchange Management Act (FEMA) guidelines are also being amended to remove a 'gender bias' where non-residents whose mother or grandmother were citizens of India will also be allowed to buy real estate in the country. The existing rules permit only those PIOs to buy property in India whose father or grandfather were Indian citizens. The proposal mooted by the ministry of overseas Indian affairs seeks to make buying of real estate by NRIs hassle-free and comes as a breather for real estate firms who can now expect more buyers from abroad at a time when domestic demand is low.

 

 

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