What kind of real estate investments can an NRI make?
Irrespective of whether its Indians or NRIs, investment in real estate is a big step in the direction of progress. It is suggested that the below mentioned points are kept in mind before signing the papers. FEMA and RBI have made it clear that NRIs are eligible to make investments in real estate. Below are the ways in which an NRI is allowed to invest in real estate.
- NRIs are allowed to buy any kind of immovable property in India except a farm house, agriculture land or a plantation property.
- They are allowed to receive any property by inheritance.
- NRIs can get any property of immovable nature as a gift from an Indian citizen who is not a resident of India.
- They are eligible to sell the immovable property to any Indian resident.
- NRIs can gift plantation property, farm house or agriculture to any Indian resident.
- They are also allowed to transfer ownership of a residential property or commercial to any Indian resident or an Indian citizen living abroad as a gift.