In India, the foreigners aren’t permitted to buy any type of immovable properties on a tourist visa or under normal condition. One can only buy a property if she or she satisfies the condition of a continuous residency of one hundred and eighty-three days in the country. No such custom rule is there which will allow the foreigner who is non-eligible for the property purchase to buy one with a person who is eligible.
When a foreigner satisfies the condition of living in the country for one hundred and eighty-three days, then he can purchase a property in the country without the permission from RBI. This particular right is not given to the nationalists of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan.
If a non-eligible wants to get a property on leasehold, he or she can freely get one for a lease of five years. But even then, the individuals won’t be granted a complete title ownership. A foreign company with it’s branch in India will be able to acquire an immovable property in the country.
For the NRIs, the Indian government does not lay a single rule, which states that they cannot acquire a property in the country. In this Asian country, no rule is imposed on the fact of buying more than one property.
- In order to buy a property in the country, one needs to hire a real estate attorney first. This is to make oneself familiarize with the rules and regulations of the country.
- After you will choose the property, you need to negotiate a price with the seller.
- If the seller agrees with the offered price, it is the job of your attorney to file up the Agreement of Sale.
- After signing, you need to pay a security deposit of 10% to 20% of the purchase price of the concerned property.
- The lawyer will do the necessary surveys required to ensure that the property doesn’t have any type of drawback.
- Once you will be satisfied with the reports of the surveys, you can obtain the title from the selling party.
- The remaining balance amount will be paid and then the transfer deed will be taken to get the property registered.
Population In India
GDP In India
Average Monthly Net Salary
Home Ownership Rate
Housing Price Index
Rent per sq m Today
Rental Yield Today
Price to rent ratio today
Price to gdp per cap