Legal Question in Real Estate Law in India

Re: Property rights

Hello and Greetings!!

According to the Foreign Exchange Management Act, 1999 and relevant regulations as applicable at present, an NRI is allowed to acquire and hold an immovable property in India without any restrictions. An NRI can purchase residential and commercial property in India but cannot sell or purchase agricultural lands, plantations or farm house. Further, there is no restriction on the number of properties an NRI can buy.

You can freeely acquire immovable property in India either solely on your name or alongwith a resident Indian. However, you cannot purchase property as a joint owner with a foreigner. Moreover, an NRI can freely gift the immovable property to an Indian or another NRI. So you can freely gift the property to your fiance if he is a resident in India.

Feel free for more information on the subject at [email protected] or +91 9818812818 (New Delhi, India)

Regards,

Naved Askari

Re: Property rights

It is much more preferable to add his name in the agreement itself.

For more details please call or contact personally.

Re: Property rights

as such there is no implication.you may gift or you may also purchase the property in joint name after completing the legal formalities.contact with details,professional charges are applicable.

Re: Property rights

You have not specified nature of property you are buying. A NRI can not buy any property.

You need to further specify whether you intend to repatriate your investment on transfer of property.

You need to also specify as to whether you want to transfer whole of your property or part of it.

Re: Property rights

Madam,

You as an NRI has to follow norms presribed by RBI for buying property by NRI's in India. In addition, it is personally advisable to see the conduct of your fiancee over a period of time, before you provide him these benefits. Till that time you can provide him Revocable Power of attorney to manage things on your behalf. You can Gift only in your blood relationship.

It is advisable to add name only to the extent of % of contribution being made by your financee, in case he is not making any Financial Contribution, you are advised not to add his name rather provide him the POA to manage the property. In case of more clarification, please feel free to revert at [email protected]