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Q.

Is it possible for foreigners to actually "own" property (undeveloped land and buildings) in India or must ownership be in the name of an Indian partner?

Asked by Michael Gamble, 04 Jul '08 01:49 pm
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Answers (5)

1.

Please check wit h a local lawyer
Answered by srini, 04 Jul '08 01:49 pm

 
  
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2.

A foreigner (individual or corporate body) can buy and own property in India either with money he has earned here or with foreign currency. But since we have not yet introduced full convertibility of Indian money, it is not possible to take out the money by selling the property. There is time bar on that and in any case as and when he is allowed to take the money out of the country, he will be allowed to take out the exact amount of foreign currency that he brought to purchase the property. If he makes a profit by selling and if that amount after being converted into foreign currency becomes higher than what he brought, the excess amount cannot be repatriated. That is the situation as of now.
Answered by Sankar Mitra, 04 Jul '08 03:27 pm

 
  
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3.

You can own, but cant sell before 10 years I think
Answered by Bala, 04 Jul '08 01:49 pm

 
  
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4.

Forigner can own except in J7K, NE States & some notified areas
Answered by vunnam jalaramaiah, 04 Jul '08 03:43 pm

 
  
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5.

A person can purchase and own.
Answered by rajnikant raiyarela, 04 Jul '08 02:40 pm

 
  
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