Property Purchase Process and Costs in India for NRIs

It is illegal for a person of non-India origin to buy property in India. Also, it is illegal to buy property on tourist visa. In such case, property cannot be purchased in alliance with an Indian national. However, when a foreign national becomes a resident of India, RBI’s permission is no more required to acquire property in India. This law applies to citizens of all countries apart from those of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan.

NRI’s do not require permission to buy property from the RBI in order to buy immovable property in India. They need to have an attorney to protect his/her interests in the transaction. All the conveyance documents have to be stamped at the Stamp Duty Office before signing. Hence, the remaining balance is settled, and the deed is registered at the Sub-Registrar of Assurance Government duties are paid. The entire process of registering property requires around 65-70 days.

Consider this example for the costs involved:

 

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