Are you an NRI & want to buy property in India? Here's help
One of my friends had migrated to Australia 10 years back, after having disposed off his residential property in Mumbai then. Few days ago I received a call from him and he sounded somewhat hassled. On slight coaxing he revealed that he wanted to buy a residential property in India as he was planning to return for the good. He wanted to know how he can proceed in the matter, as he knew property buying is quite a task even for resident Indians, forget NRIs. He told me that he still retains the Indian Passport so for all practical purposes he was an NRI. This made for an interesting topic to study, to help not only my friend but many such NRIs. This led me to the study of the law applicable to NRIs and other maneuverings in the procedure for these people (read NRIs) who want to buy a property in India. Here it goes: Though with FEMA the foreign exchange laws have been modified and diluted significantly but due to the legacy of FERA excesses during old days, NRI people