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NonResident Indian or NRI is a legal citizen of India who has a temporary passport and gone to another country for a longer period for the purpose of employment, residence, education or for any other purpose. With the size of Indian diaspora increasing day by day there are some who want to return to their native country and settle there.

Majority of Indian diaspora belongs to the countries like The United Arab Emirates (3.5 m), U.S ( 2m), Saudi Arabia (1.9m), Europe, Kuwait and Oman. They usually invest in India for making a home or any other constructions as an added asset. This was aided by the boom in the economic sector in India.

Common problems faced by NRI's while investing in India

  • NRI's could only buy residential or commercial properties
  • Unregistered or fraudulent property builders
  • Rigidity of rules

Procedure an NRI has to follow for acquiring property in India?

The NRI could only purchase residential or commercial properties, no agricultural or farm lands

  • He has to abide by certain laws and regulations framed by Foreign Exchange Management Act or FEMA
  • Money Transfer : NRI has to transfer money through any of the banking channels, travelers cheque or foreign currency is not allowed. They can pay it as home loans availed from Indian banks
  • The property should be in the single NRI's name or in joint account with other NRI
  • An NRI can keep and use the property he owned before emigration

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