Posted on: 27-10-10 10:48:24
Is it true that a Canadian citizen can not buy an apartment / flat in India unless they have PIO or OCI ?
Quote:
Originally posted by Aashu
Is it true that a Canadian citizen can not buy an apartment / flat in India unless they have PIO or OCI ?
Not true!
Foreign citizens cannot buy property in India unless they are categorized as PIO.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=33#1
Q.1 Who can purchase immovable property in India?
A.1 Under the general permission available, the following categories can freely purchase immovable property in India:
i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India
ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
1. at any time, held Indian passport, or
2. who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land / plantation property / farm house in India.
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