Q547. NRI buying property in Goa from foreigners

Question: Dear Sir, I am NRI in Malaysia & want to buy landed house in Goa. Currently property is co-owned by four foreigners and sale deed is registered in Goa. May I enquire whether foreigners can legally sale property in Goa to a NRI & whether such property can be re- registered in my name. This is due to the fact that Internet is full of stories that sub- registrar offices in Goa are refusing to register properties sold by foreigners. Pl advise. Thanks. BRgds, Rami Answer: Foreigners who own property in Goa or any where else in India, can sell their property only after getting prior approval from the Reserve Bank of India. Foreigners who own property in India, cannot sell their property to another foreigner. They can sell their Indian owned property (after getting prior approval to sell) to: 1. a person resident in India or 2. an NRI (NRI means a Indian Citizen, who lives abroad) or 3. a PIO (PIO refers to foreign citizens of Indian origin) While to some extent reports of sub-registrar offices refusing to register property sold by foreigners may be overstretched, they may be exercising caution when registration of such properties is involved. The Enforcement Directorate (ED) has been investigating property purchases that were made by foreigners in violation of the Foreign Exchange Management Act (FEMA). If you have the documentation, a lawyer should be able to ascertain the legality of the current property ownership and find out whether it was purchased in compliance with FEMA regulations.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Q547. NRI buying property in Goa

from foreigners

Question: Dear Sir, I am NRI in Malaysia & want to buy landed house in Goa. Currently property is co-owned by four foreigners and sale deed is registered in Goa. May I enquire whether foreigners can legally sale property in Goa to a NRI & whether such property can be re- registered in my name. This is due to the fact that Internet is full of stories that sub- registrar offices in Goa are refusing to register properties sold by foreigners. Pl advise. Thanks. BRgds, Rami Answer: Foreigners who own property in Goa or any where else in India, can sell their property only after getting prior approval from the Reserve Bank of India. Foreigners who own property in India, cannot sell their property to another foreigner. They can sell their Indian owned property (after getting prior approval to sell) to: 1. a person resident in India or 2. an NRI (NRI means a Indian Citizen, who lives abroad) or 3. a PIO (PIO refers to foreign citizens of Indian origin) While to some extent reports of sub-registrar offices refusing to register property sold by foreigners may be overstretched, they may be exercising caution when registration of such properties is involved. The Enforcement Directorate (ED) has been investigating property purchases that were made by foreigners in violation of the Foreign Exchange Management Act (FEMA). If you have the documentation, a lawyer should be able to ascertain the legality of the current property ownership and find out whether it was purchased in compliance with FEMA regulations.
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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