Transfer of Immovable Property
Posted on October 01 2020
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Transfer by Sale: NRI can transfer the immovable property i.e., residential or commercial property to an NRI, a PIO or to a person who is a resident in India. A PIO can sell the property in India by the former permission by the RBI to a person Resident Indian. The Foreign nationals of non-Indian origin can sell property, plantation, agricultural land or farm house in India to an NRI or a PIO or a person who is a resident of India.
Transfer by Gift: An NRI or a PIO can gift the residential or commercial property to an NRI, a PIO or to a person resident in India. Foreign national of non-Indian origin can take the permission from the former RBI and then gift a property.
Transfer through Mortgage: An NRI or a PIO can mortgage residential or commercial property to an authorized dealer or housing finance institution in India without the approval of the RBI, and to a party abroad with prior approval from the RBI. A foreign national of non-Indian origin can mortgage property only with the former’s permission from the RBI. A foreign company, which has established as a Branch Office or other place of business in correspondence with FEMA and has general permission to mortgage the property with an authorized dealer in India as a security for borrowing.
Transfer of Agricultural Land, Plantation Property, Farm House in India Owned Or Held By A Non-Resident: An NRI or a PIO can sell agricultural land or plantation property or farm house to a resident Indian. Foreign national of non-Indian origin residing outside India is required to take permission from the RBI to sell agricultural land, plantation property or a farm house in India.
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