Under the general permission available, the following categories can freely purchase immovable property in India:
- Non-Resident Indian (NRI)- that is a citizen of India resident outside India
- Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who:
- at any time, held Indian passport, or
- who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land / plantation property / farm house in India.
No. Since general permission is not available to NRI/PIO to acquire agricultural land/ plantation property / farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.
No. An NRI / PIO who has purchased residential/commercial property under general permission, is not required to file any documents with the Reserve Bank.
There are no restrictions on the number of residential/commercial properties that can be purchased.
No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India. But, he/she may take residential accommodation on lease provided the period of lease does not exceed five years. In such cases, there is no requirement of taking any permission of or reporting to Reserve Bank.
Disclaimer: Edcon is providing this information on a best effort basis. Clients are requested to do their own due diligence prior to entering into any transaction.
Source: Ministry of External Affairs Government of India ( 18-12-2017)
www.mea.gov.in/images/pdf/acquisition-and-transfer-of-immovable-property-in-india.pdf
WHAT THEY SAY ABOUT US
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The sales process was very smooth. The build quality of the office is excellent. Parking, an issue for most commercial space in Goa, is a non-issue with our building. The building also lends itself to easy maintenance. I would recommend Edcon, without hesitation to anybody.
I count the office space from Edcon amongst my best investments. I’m extremely pleased with their construction quality, responsiveness, post-sales support and building maintenance. Edcon has set a very high benchmark that others in their domain will find hard to match.
I bought 2 offices in Edcon Mindspace located in Panjim. I am really happy with the quality of the Construction, the look of the project from the exterior as well as the good maintenance of the project. I am very happy with my purchase of property at Edcon Mindspace.
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