csrcsr Posted March 30, 2021 Report Posted March 30, 2021 https://www.incrediblegoa.org/goans-abroad/oci-card-holders-are-no-longer-allowed-to-buy-and-sell-properties-in-india/ According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India. There are several millions of OCIs/PIOs who are concerned about this new ruling. Most people have raised concerns about their properties in India. All those who invested their earning for a retirement home or bought it for their children or have family properties find themselves in a fix. If everyone starts selling their properties in India, it may affect the whole Real Estate market in India. Already, after demonetization and now with covid, it was still the Diaspora who kept buying properties in India. Also last February the Supreme Court ruled out that any sale or gift of a property by a foreigner without prior permission of the RBI would be illegal. “We hold that the condition predicated in Section 31 of the Foreign Exchange Regulation Act, 1973 of obtaining “previous” general or special permission of the RBI for transfer or disposal of immovable property situated in India by sale or mortgage by y a person, who is not a citizen of India, is mandatory,” a bench presided over by Justice A M Khanwilkar said. But the court announced that the transactions which have already become final including by virtue of the decision of the court of competent jurisdiction, need not be reopened or disturbed in any manner due to this sudden announcement. Quote
JackSeal Posted March 30, 2021 Report Posted March 30, 2021 2 minutes ago, csrcsr said: https://www.incrediblegoa.org/goans-abroad/oci-card-holders-are-no-longer-allowed-to-buy-and-sell-properties-in-india/ According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India. There are several millions of OCIs/PIOs who are concerned about this new ruling. Most people have raised concerns about their properties in India. All those who invested their earning for a retirement home or bought it for their children or have family properties find themselves in a fix. If everyone starts selling their properties in India, it may affect the whole Real Estate market in India. Already, after demonetization and now with covid, it was still the Diaspora who kept buying properties in India. Also last February the Supreme Court ruled out that any sale or gift of a property by a foreigner without prior permission of the RBI would be illegal. “We hold that the condition predicated in Section 31 of the Foreign Exchange Regulation Act, 1973 of obtaining “previous” general or special permission of the RBI for transfer or disposal of immovable property situated in India by sale or mortgage by y a person, who is not a citizen of India, is mandatory,” a bench presided over by Justice A M Khanwilkar said. But the court announced that the transactions which have already become final including by virtue of the decision of the court of competent jurisdiction, need not be reopened or disturbed in any manner due to this sudden announcement. Is this rule applies to hereditary properties ? Quote
csrcsr Posted March 30, 2021 Author Report Posted March 30, 2021 1 minute ago, JackSeal said: Is this rule applies to hereditary properties ? teliyadu bro anduke db peddala suggestioons kosam waitng Quote
dasari123 Posted March 30, 2021 Report Posted March 30, 2021 1 minute ago, JackSeal said: Is this rule applies to hereditary properties ? Yes even for Akhil Akkineni Quote
Sucker Posted March 30, 2021 Report Posted March 30, 2021 Citizenship cancel chesinama inka Ind la yendi konedi antunna @r2d2 Quote
r2d2 Posted March 30, 2021 Report Posted March 30, 2021 1 minute ago, Sucker said: Citizenship cancel chesinama inka Ind la yendi konedi antunna @r2d2 yes.. buy only on Mars... Quote
Spartan Posted March 30, 2021 Report Posted March 30, 2021 Agricultural Property Inheritance is Ok, buying is prohibited. not sure about other commercial properties. Quote
Sucker Posted March 30, 2021 Report Posted March 30, 2021 @csrcsr asalu neeku ind la aasthulu konale anna idea nduku vachindi ? Mana desi NRI vuncles building meeda building kattaru ani aa way la decided na leka yedaina future planning na ? Nee story veyyi answers ave vasthai. Quote
chingchang Posted March 30, 2021 Report Posted March 30, 2021 Complete BS and baseless article ... non citizens can totally buy any land except agriculture land. They can inherit the agricultural land though https://www.lexology.com/library/detail.aspx?g=a53acd9e-87e2-4681-8255-e8876ad542cb&fbclid=IwAR00dtfK1ZIuNcVAbSqnL3ycaJviraGHb6xbS1RZSZbTTQU9EChbXuWTZ3k Quote
jawaani_jaaneman Posted March 30, 2021 Report Posted March 30, 2021 47 minutes ago, JackSeal said: Is this rule applies to hereditary properties ? Hereditary farm land aithe I think you can still own and sell but cannot buy.. Quote
godfather03 Posted March 30, 2021 Report Posted March 30, 2021 10 minutes ago, Spartan said: Agricultural Property Inheritance is Ok, buying is prohibited. not sure about other commercial properties. Ee line chusinava bro? Indian origin people who moved out from India for employment or business Quote
jawaani_jaaneman Posted March 30, 2021 Report Posted March 30, 2021 NRI's and Permanent Residents ki peeki dobbali asalu land ownership or scruptiny aina penchali... crores and crores of money is being dumped into indian real estate and jacking up prices multifold.. Quote
prabhudevafan Posted March 30, 2021 Report Posted March 30, 2021 Ah bodi Gandu gadu. Inka em kathal padtado Quote
Spartan Posted March 30, 2021 Report Posted March 30, 2021 7 minutes ago, godfather03 said: Ee line chusinava bro? Indian origin people who moved out from India for employment or business Inheritance is still legal. Quote
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