Immovable property in India refers to land, buildings, and any permanent fixtures attached to the land. It includes both residential and commercial properties, agricultural land, plots, houses, apartments, and any structure that cannot be moved or transferred easily from one place to another.
In India, the ability to purchase immovable property is governed by various laws and regulations. Generally, Indian citizens, as well as Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), have the right to purchase immovable property in India.
Foreigners, however, have restrictions on buying immovable property in India. They can generally purchase immovable property in India only under specific circumstances and with certain conditions, such as when the property is for residential or commercial use and with the required approvals from relevant authorities.
The regulations regarding property ownership by foreigners in India can be complex and are subject to change, so it’s always advisable to consult legal experts or professionals well-versed in Indian property laws before making any purchase.
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.
The ownership and transfer of immovable property in India are regulated by various laws, including:
Transfer of Property Act, 1882: This act governs the transfer of property by various means such as sale, gift, lease, and mortgage.
Registration Act, 1908: Any transaction involving immovable property must be registered to make it legally valid and to provide proof of ownership.
Real Estate (Regulation and Development) Act, 2016 (RERA): This act aims to regulate the real estate sector and protect the interests of property buyers. It establishes Real Estate Regulatory Authorities (RERAs) in each state to oversee real estate transactions and ensure transparency.
Foreign Exchange Management Act (FEMA): FEMA regulations apply to the acquisition and transfer of immovable property by Non-Resident Indians (NRIs) and foreign nationals in India.
Ownership of immovable property in India is generally allowed for Indian citizens, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs). Foreigners have restrictions on purchasing immovable property, and they can typically acquire property in India only under specific circumstances and with certain approvals.
When buying or dealing with immovable property in India, it’s crucial to adhere to legal requirements, conduct due diligence, and seek legal advice to ensure compliance with relevant laws and regulations.
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