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Can NRIs Invest in Indian Real Estate?
NRIs can make investments in India and all investments are fully repatriable, subject to certain restrictions on how soon the money can be repatriated and how much can be repatriated per annum.
Can NRIs obtain loans for buying residential properties?
YES, NRIs can apply for a home loan in India to invest in residential properties. However, NRIs cannot apply for a loan to purchase commercial properties.
Do NRIs need prior permission of any regulatory bodies to sell their real estate assets in India?
NO, NRIs can sell their real estate assets without having to apply for any permissions. However, incase of sale of agricultural property, NRIs may need to apply for permissions to repatriate sale proceeds.
Can NRIs or PIO/OCI buy commercial properties in India?
YES, they can. However, purchase of agricultural land / farm house / plantation property is strictly prohibited.
Can NRIs or PIO/OCI acquire or sell off residential property by way of gift?
YES, NRIs and PIO/OCIs can acquire and sell off assets by way of gift, subject to certain applicable capital gains taxes.
Can an NRI appoint someone in India as their Power of Attorney to complete purchase formalities of real estate assets and loan formalities on their behalf?
Yes, they can. This way, there is no need for the NRI to travel to India or be physically present in India to conclude such transactions. NRIs can also appoint a Power of Attorney to help them sell their property in India, although this will attract stamp duty of upto 1% of property value.