Can NRI Buy 2 BHK Flat in Mulund Mumbai
Under the RBI’s guidelines, a non-resident Indian (NRI) is allowed to purchase certain types of properties, while other forms of realty may require special permissions. A non-resident Indian (NRI), who is interested in buying a property in India, can do so. However, his property investment must be made in line with the provisions of the Foreign Exchange Management Act (FEMA). The same FEMA rules are applied to property investments by the people of Indian origin (PIOs). Properties NRIs, PIOs can invest in India The Reserve Bank of India (RBI) has given a general permission to NRIs and PIO to buy any residential or commercial property in India. They need not seek any specific permission from the central bank nor are they required to send any communication or intimation in this regard to the RBI. Under the existing general permissions, an NRI or PIO can buy any number of residential or commercial properties. The income tax law also allows an NRI/PIO to own as many residential or com...