Key Guidelines for NRIs and PIOs on Property Purchase in India
General Permissions: NRIs and PIOs can buy any number of residential or commercial properties in India without needing specific permission from the RBI.
Restrictions: NRIs cannot purchase agricultural land, plantation properties, or farmhouses without specific RBI permission. For these types of properties, the RBI will review requests on a case-by-case basis.
Joint Ownership: NRIs can buy property either individually or jointly with other NRIs. Residents of India or others not allowed to invest in property cannot be joint holders.
Existing Property: If an individual becomes an NRI and already owns property in India, they can retain it. They can also keep agricultural land, plantation property, or farmhouses they own before becoming an NRI.
Agricultural Land: NRIs cannot buy agricultural land or plantations without RBI approval. Residential and commercial properties are permitted.
Power of Attorney: To authorize someone to handle property transactions on your behalf, including registration, you need to provide them with a Power of Attorney (PoA).
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