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Can an NRI/ PIO/foreign national sell his residential / commercial property?

Can an NRI/ PIO/foreign national sell his residential / commercial property?

(a) NRI can sell property in India to-

i) a person resident in India or

ii) an NRI or

iii) a PIO.

(b) PIO can sell property in India to-

i) a person resident in India.

ii) an NRI or

iii) a PIO – with the prior approval of Reserve Bank

(c) Foreign national of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan can sell property in India with prior approval of Reserve Bank to –

i) a person resident in India

ii) an NRI

iii) a PIO

Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it – property that is fixed to the earth, such as land or a house. In the United States it is also commercially and legally known as real estate and in Britain as property.

A person resident outside India who is a citizen of India (NRI) can acquire by way of purchase, any immovable property in India other than agricultural land/plantation property/farm house. He can transfer any immovable property other than agricultural or plantation property or farm house to-

a) A person resident outside India who is a citizen of India or

b) A person of Indian origin resident outside India or c) A person resident in India.


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