Canadian Citizen right to buy property in India


Jump to Page:
< Previous  [ 1 ]  [ 2 ]  [ 3 ]  [ 4 ]  [ 5 ]    Next >




ani70   
Member since: Oct 03
Posts: 765
Location: Canada

Post ID: #PID Posted on: 31-03-09 20:00:29

Hello,

I would like you guys feedback on buying property(condo/apartment) in India as a Canadian citizen without OCI /POI card.
Do I have to apply and get OCI certificate before even I start registartion process on property buying?For registration I simply need to send a draft (10% of property value) from here in Canada so wondering whether it will really matter to provide them my citizenship information etc at the early stage.


:cheers:


-----------------------------------------------------------------
ani


KumarM   
Member since: Jan 09
Posts: 881
Location:

Post ID: #PID Posted on: 31-03-09 21:34:46

Depends where you are buying the property. I had to provide a copy of my PAN card during registration in Bangalore. I think it also depends on the govt official at the office. I have the OCI but it was not needed during the process. OTOH, anything can be done with proper connections or cash.

KM



viggy   
Member since: Aug 07
Posts: 569
Location:

Post ID: #PID Posted on: 01-04-09 10:25:01

Per FERA, non citizens of India unless a buyer is resident in India (>183 days per year), they must have the permission of the Reserve Bank of India (RBI). Since tourist visas last for 180 days, so it is also impossible to buy a property on a tourist visa.

Exemptions are given to NRIs and PIOs. Legally, NRIs are Non-Resident Indians, or those people who hold an Indian passport and nationality, but are not resident in the country. PIO's are people of Indian descent up to four generations removed. OCI scheme allows a limited form of dual nationality to NRIs and PIOs.

My understanding is you will need a PIO card or OCI to legally buy the property. You are eligible to get PIO status, but that is not the same as Govt of India giving you PIO privilages.

It is thought that the government plans to phase out PIO status in favour of OCI in years to come.

Moreover, joint ownership of people who do not fall into the above categories with another person who does qualify is specifically blocked in law.

Some agents and individuals offer to help buyers to circumvent the laws and find a way around the rules regarding property purchase in India. This includes non-PIO indian looking guys buying the property and registering without telling he is a non-Indian. This will turn out to be dangerous in the long run. The property buying process in India is developing - getting computarized and linked to other govt systems. The authorities are cracking down on these practices more and more these days. The anti-terrorism moves also fuel the speed of crackdown. Many are forced to give up the properties they illegally own. You might have read some such cases in Goa recently.



web2000   
Member since: May 06
Posts: 849
Location:

Post ID: #PID Posted on: 01-04-09 10:38:20

I need just a quick clarification

If a person owning agricultural and non-agricultural properties in India before becoming a Canadian citizen, what he has to do in this regard? Will he be forced to get rid of these properties and what about the inherited properties?

Thanks



KumarM   
Member since: Jan 09
Posts: 881
Location:

Post ID: #PID Posted on: 01-04-09 12:42:46

Quote:
Originally posted by web2000
If a person owning agricultural and non-agricultural properties in India before becoming a Canadian citizen, what he has to do in this regard? Will he be forced to get rid of these properties and what about the inherited properties?
Thanks



Apply for OCI as soon as becoming canadian citizen. That should take care of the non-agricultural properties.



ani70   
Member since: Oct 03
Posts: 765
Location: Canada

Post ID: #PID Posted on: 01-04-09 19:18:40

Thanks guys for your feedback.I am planning to apply for OCI ASAP.
If I am applying for entire family do I need to take my son and wife also in Toronto consulate with filled up forms or I can just go alone ?


:cheers:


-----------------------------------------------------------------
ani


AshwaniG   
Member since: Jul 04
Posts: 1484
Location: Convinient

Post ID: #PID Posted on: 01-04-09 20:32:22

Hi Ani !
When I got my PIO I went just by myself . Make sure that you take signatures of your spouse and finger print of kids where applicable . Just in case you happen to forget to take signature on a spot , come out of the room and sign yourself .
AG


-----------------------------------------------------------------
Growing Old Is Mandatory ..Growing UP is Optional


Contributors: web2000(5) ani70(4) AshwaniG(3) KumarM(2) viggy(2) bjork(1) chandresh(1) ftfl(1)



Jump to Page: < Previous  [ 1 ]  [ 2 ]  [ 3 ]  [ 4 ]  [ 5 ]    Next >

Discussions similar to: Canadian Citizen right to buy property in India

Topic Forum Views Replies
Citizenship Changes while I-140/I485 processing
USA and other countries 1655 0
Time Line for obtaining Cert. of Citizenship for Child born outside Canada
General 1716 1
Canadian Citizenship
Life 1548 1
Buying a property in US.
Real Estate & Mortgages 1660 2
Buying a property in India
General 1505 1
buying property in india ( 1 2 )
Real Estate & Mortgages 3060 13
Proof of Citizenship Certificate
Ask Immigration Expert 1451 3
Mortgage for buying property overseas
Real Estate & Mortgages 1710 3
Can a citiizen get back a PR?? ( 1 2 )
Independent Category 2989 7
Dual Citizenship – Any idea on land ownership?
Citizenship 4580 6
Buying property in India as a Canadian citizen
Real Estate & Mortgages 2003 2
Canadian Citizen right to buy property in India ( 1 2 3 4 5 )
Our Native Country! 16376 31
Access to property in India after legal separation in Canada
General 1817 2
Family property matter
Public Services 1319 1
Census in India
General 1212 4
Buying property in India
Life 2075 2
QQ about buying home in the USA
Real Estate & Mortgages 1429 1
Power Of Attorney (PoA) - Property Registration in India ( 1 2 )
Real Estate & Mortgages 2939 13
Buying Property in India
Our Native Country! 1806 3
Inheritance of Property and selling ( 1 2 3 4 )
Real Estate & Mortgages 4478 21
Selling property in India to pay off mortgage in Canada
Financial Planning 3551 6
AaDhaar Card ( 1 2 3 )
Available 11371 15
Sell Property with Aadhar Card being required ( 1 2 )
Our Native Country! 5954 12
On OCI - Can i sell my property in India ( 1 2 )
Citizenship 6455 10
Rental Property - New Rental Residential Property (NRRP) Rebate ( 1 2 )
Real Estate & Mortgages 2987 12
 


Share:
















Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.