Holiday homes in India
luxury, two bedroomed, plus studio (sleeps 5) part air con apartment
with balcony overlooking pool in private tropical gardens. 5 min stroll
to the beach
The Peace of Greece
The Maddening Crowds
Your guide to buying property in India
The best way to simplify the buyers process in India is by
separating purchasers into two categories:
i. Non Resident Indians / Persons of Indian Origin
ii. Foreign Citizens of Non Indian Origin
Non Resident Indian (NRI) / Person of Indian Origin (PIO)
A Non Resident Indian (NRI) is an Indian citizen who has
migrated to another country, a person of Indian origin born outside of
India or an Indian person who resides outside India.
A Person of Indian Origin (PIO) is usually not an Indian citizen,
however is considered anyone of Indian origin, i.e. by virtue of either
one of their parents, grandparents or great grandparents being born in
India (except those from Pakistan or Bangladesh). An NRI/PIO is able to
apply for a PIO Card through
the Indian High Commission, which enables the person to buy real estate
without prior approval, open an Indian bank account and stay in the
country for up to 6 months without registration.
Foreign Citizens of Non Indian Origin
A Foreign Citizen of Non Indian Origin is permitted by the
Reserve bank of India, on application to acquire immovable property in
India, provided that:
- The property to be purchased is for residential use only
- The funds for the purchase comes from foreign exchange
remitted from abroad in any convertible currency through the normal
- Income accruing by way of rent from the property purchased,
or the sale proceeds of such property/income arising out of investment
of such sale proceeds at any future date shall be credited to the
Ordinary Non-resident Rupee (NRO) of the non resident purchase
To qualify for the above buyers must complete and submit form
IPI-1 to the Reserve Bank of India
Before you can own property in India you must be a resident or
you must own an Indian company. The latter option is usually the
easiest method for foreign nationals of non Indian origin to purchase a
holiday home or investment in India.
Please contact Masseco International for further details.
Below are steps that would be undertaken by the purchaser’s
lawyer in order to successfully complete on the purchase of a
residential or commercial property:
- Request copies of all Deeds of Title related to the
property being purchased.
- Establish the survey number, village and registration
district of the property as these details are required for registration
of the sale.
- Establish that there are no outstanding loans/debts on the
property and that all information on the Deeds of Title is in the
- Finalise the terms & conditions of purchase of the
property. Establish transfer fees, stamp duty and registration
charges to be paid.
- Establish all outgoings related to the property, i.e.
property tax, water and electricity charges, society charges and
- If applicable, request the Seller obtain consent,
permission, sanction, no objection certificate from the various
authorities such as the (a) society (b) the income tax authority (c)
Municipal Corporation (d) the competent authority under the Urban Land
Ceiling and Regulation Act (e) any other authority.
- If applicable, where the Purchaser has
taken out mortgage to finance the purchase of the property, the
purchaser’s lawyer will require a pre-approval letter from the lending
- The Purchaser and Seller will require a Permanent Account
Number under Income Tax laws, payment of stamp duty on formal agreement
or document for transfer of the property, signing by both the Purchaser
and Seller and registration
- After payment of the entire sale price, take over legal
possession of the property along with documents of title in original
the Seller of the propertyChange name of the holder of the property to
the purchaser in the records of the society, electricity company,
municipal corporation, Index II etc
Masseco International will be happy to help if you require a
good local lawyer.
There are a number of Indian and Foreign banks offering a
range of NRI services with flexible mortgages plans. Normal payment
terms range from 15–25 years with a 10-15% deposit on the value of the
Authorized and immediate service for get India visa
Online required by the authorities upon landing.