Legal Question in Real Estate Law in India
property
as NRI i know i can invest in the property but rule says clearly all property except agriculture land and farm house. as i told you, i am born and brought up in india, and currently working overseas for the last five years and i want to invest my savings in india especially on agriculture land. can i do this? am i legally allowed?
4 Answers from Attorneys
Re: property
you cannot directly invest in agricultural lands but you can indirectly invest in agricultural development organisations and trusts. by the way why agricultural land? not all agricultural land will have an esculation in price after a period. and conversion of agricultural land to others needs long process!
Re: property
Are you still a citizen of India? Are you an agriculturist already owning and cultivating agricultural lands in India? If answers are yes, something can be thought of.
Re: property
you cannot buy the agricultural land,
only agriculturists can buy the land.
if you seek exemption from Asst commissioner then you can invest in the land provided you should be cultivating the land personally, if not the government will acquire the land free of cost.
B.BALASUBRAMANYA.
ADVOCATE.
Re: property
Even if you are proper resident of india, then also you cannot buy agricultural land unless you are an agriculturist.
There is no ban on other property you want to purchase as NRI