Are you a Non-Resident Indian (NRI) and want to invest in a property in India? Delhi, Noida, Greater Noida, Ghaziabad and Bangalore are among the top Investment Destinations for NRIs in India. However, there is a whole lot of ambiguity and confusions around the process of property purchase in India, especially for the NRIs. It is always a good idea to be clear about the things in the first place than regretting it afterwards. So here is a detailed explanation of all the whats, whys, hows and whens of investing in Indian real estate.
Who is termed as an NRI?
An NRI is a person who holds an Indian Passport and has stayed in another country for more than 180 days. Other terms like Person of Indian Origin (PIO) and Overseas Citizen of India (OCI) also exist.
What type of property can NRIs buy in India?
NRIs can buy any type of property in India except an agricultural or plantation property. However, they sure can inherit such land. [Read more…]