A foreign national of non-Indian origin resident outside India cannot buy any immovable property in India. It is illegal for people from other countries to own property in India unless they fulfill the property requirement of 183 days in a financial year (a tourist visa continues for 180 days). It is also illegal to buy property on a tourist visa. The Foreign Exchange Management Act, 1999 (FEMA) manages the purchasing of properties by Non-Resident Indians (NRI), Persons of Indian Origin (PIO), and foreign people.
Yes, a foreigner can spend in India if he sticks to the following strategy:
- If you are going to buy development of serviced housing plots, the lowest place area has been reduced to 25 acres from 100 acres
- For construction-development projects, the lowest built-up region of 50,000 sq. Mtrs.
- A foreigner is not allowed to spend in Plantations & Agricultural Land in India. Investment strategies are possible in Town-ships, Residential developments, Retail shopping centers, Commercial offices & IT parks, Hotels & Enjoyment resorts etc. in the form of development. They can also spend in ready hotels and in units in informed IT/Industrial parks as they fall under infrastructure status.
Moreover, property cannot be bought together in the name of one qualified individual with one non-eligible individual. That indicates a non-resident Indian (NRI) or foreign nationalized of Indian origin (PIO) cannot buy a property together with a foreigner.
The buyer must ensure that the place on which the purchasing property is constructed is not agricultural place or plantation property, as these types of place can only be bought by an agriculturist who is an Indian resident.
According to a law regulating Real Estate/Land Acquisition in the Indian people from other countries are banned in India from buying houses and property. Because the population and the land ratio is not equal in India and Government want to save their natural resources and land for the country citizens.
Do the following factors if you want to buy a property in India
1) You can set up a company in India.
2) Look at the RBI website with regard to company and possession of immovable property.
3) You will necessitate to discover an accountant, prior to you need to worry about an advocate. The financial advisor will set up anything else that you need in the way of beginning an organization, doing organization queries, applying the name, beginning the transfer of money process and everything else that you will need to start work. Don’t forget PAN & DIN numbers.
4) Visa requirements, this is a very challenging place and I suggest that you read the Indian High Commission site and then seek to get in touch with them if you have any further questions
5) Once you have set up an organization it is possible to buy property and this is where people have been led down the wrong path, you can buy property/ buildings/ land (other than farming land) provided that it is or will be utilized in the main for the carrying out of the company that the organization has been set up for.