Real estate in India..

[fundcom]

Namaskaar everybody!

My name is Surinder and I live in USA. I want to buy a property in India. I am holding a foreign passport. I have heard that a person, who is a "Foreign citizen of Indian origin", will have to fill a Form IPI-7 and send it to RBI office in Bombay with 90 days of purchase. I have found this Form as well from RBI site.

My question is do I need to fill up this form?
What are the consequences if it is not done?

Because some said you are not required to declare anything and it is almost impossible to contact RBI. I read their FAQ in RBI website and they do not talk about this. But the form is available on their website.

So, I am very confised now.
If anybody have any clue about this then please let me knwo.

Mai aapka bahoot-bahoot aabhaari hoonga.

 

[stokas]

Dear Surendra,

Please try the following link:

http://www.nripulse.com/Immigration.htm


Regards

 

[fundcom]

They do not have any information about the real estate laws in India. Somebody has already talked to them before.
Please let me knwo if you have good information.
Thanks.

 

[stokas]

Dear Surendra,

Firstly, you please e-mail your problem to Ashwin Sharma:

jaxlawyer@gmail.com

If you don't get the answer - then I will do something for you.


Thanks,

Shailendra

 

[pavanap]

real estate in india

hello surendra
as an nri you have a blanket permission to own upto three residential or commercial properties with out informing reserve bank.but if in future you want to transfer the money you made from the sale of the property you must register with reserve bank.also you can inherit the farm land or farm house but you cac not buy.i hope this help you.