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.
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ani
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
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.
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
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.
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 ?
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ani
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
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