As an NRI what all properties can i purchase in India? Can I buy a farm land in the hills?


#1

As an NRI what all properties can i purchase in India? Can I buy a farm land in the hills?


#2

According to the rules laid down by the Foreign Exchange Management Act (Fema), an NRI can only purchase residential or commercial property. Agricultural land, farmland or any kind of plantation property cannot be purchased by an NRI. However if you owned a farmland or agricultural land before becoming an NRI, then you continue to be the owner of the land. Even if a residential or commercial building is built on a designated agricultural land, the purchase is deemed illegal.


#3

Hi Sooraj,

As per the guidelines stipulated by the Foreign Exchange Management Act (FEMA) NRIs are only allowed to purchase property for residential or commercial purposes. NRIs are not allowed to purchase agricultural property of any kind.

However, if you owned any agricultural property prior to becoming an NRI, then you can continue to own the property. Also the purchase of any residential or commercial buildings constructed on agricultural land is deemed illegal.

Cheers,
Team BB