Q.Can an Overseas Citizen of India (OCI) card holder or NRI buy/sell real estate in India?
A.As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. The guidelines also state that one can buy any number of residential or commercial properties. However, they are not permitted to invest in farmland, plantation land, and agriculture land. But, they can inherit the agricultural land/plantation property/ farmland.
Q.What are the necessary documents/permissions for investing in real estate for an OCI card holder or NRI?
A.You do not need RBI’s permission. But you do need certain documents. The documents required for buying property are as follows:
– OCI card (In case of OCI)
– Passport (In case of NRI)
– Pan card (Permanent account number)
– Passport size photographs
– Address proof
