+Post New Topic + Post Reply
Results 1 to 3 of 3

Thread: Purchase of commercial properties in India

  1. #1

    Join Date
    Jan 1970
    Posts
    0
    Hi.... I am living in New Mexico. I want to acquire commercial properties in India. I want to know, Can foreign citizens of Indian origin acquire commercial properties in India? Wat are the legal formalities to be performed.



  2. #2

    Join Date
    Jun 2006
    Location
    Hyderabad
    Posts
    83
    Yes Nitin, under the general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers' NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.

  3. #3
    Junior Member
    Join Date
    Oct 2011
    Posts
    11

    Lightbulb

    Hey folks,

    I have been long grappling with this in my mind Why on earth citizens of one country buy commercial properties from another? Is it really worth buying it? When one can do his or her business in his or her country, why is it that he or she wants to do it elsewhere? What are the benefits for doing so? Is there any financial income higher than the home country? Or is to elude the eyes of the IT? Someone please throw some light on these. Thanks.



+ Post New Topic + Post Reply
  
   Recent Posts in NRI's World
   Most Popular Posts at Sukh Dukh


Posting Permissions

  • You may post new threads
  • You may post replies
  • You may edit your posts