The RBI guidelines on acquisition of immovable property by NRI's, PIO's and Foreign Nationals is very clear. If one has gone through it or studied it, there should be no confusion. I am appending below weblink to the guidelines and also highlighting critical points which are all self-explanatory:
Extract: 8.Purchase of Immovable Property in India by a Foreign National of Non-Indian Origin resident outside India i. Foreign nationals of non-Indian origin resident outside India* are not permitted *to acquire any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India. However, they can acquire or transfer immovable property in India, on lease, not exceeding five years without the prior permission of the Reserve Bank http://rbidocs.rbi.org.in/rdocs/notification/PDFs/04MCNIP010713.pdf Extract from Press Release of Government of India dt.February 1, 2009: Apart from above, a foreign national who is residing in India for more than 182 days during the course of the preceding financial year for taking up employment or carrying on business / vocation or for any other purpose indicating his intention to stay for an uncertain period can acquire immovable property in India as he would be a ‘person resident in India’ as per section 2(v) of FEMA, 1999. To be treated as a person resident in India under FEMA, a person has not only to satisfy the condition of the period of stay (being more than 182 days during the course of preceding financial year) but also his purpose of stay as well as the type of Indian visa granted to him to clearly indicate the intention to stay in India for an uncertain period. In this regard, to be eligible, the intention to stay has to be unambiguously established with supporting documentation including visa. * It has also been observed that foreign nationals coming to India and * *staying beyond 182 days on a tourist or other visa meant for a certain period are **illegally acquiring immovable property in India in violation of the extant rules and **regulations under FEMA.* http://www.rbi.org.in/commonman/Upload/English/Notification/PDFs/MC04AT28062012.pdf *-----Original Message-----From: Eddie Fernandes [mailto:[email protected] <[email protected]>]Sent: 01 February 2015 01:33To: [email protected] <[email protected]>Subject: Zimbabwe By The Sea*
