If you are planning to buy villa plots for sale in SarjapurRoad or BDA plots for sale in Bangalore, then it will be imperative that you consider different details, particularly so if you fall in the category of non-resident individual or someone who is considered a person having Indian origin. Let us explore the details here.
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There are several legal aspects based upon category a person falls in.
Foreign Companies | Persons with Indian Origin (PIO) and Non Resident Indians (NRIs) | Non-resident
Non-resident: A foreigner who has a non-Indian origin & that person residesabroad then such person will not get permission to purchase immovable property in India such as plots for sale in Sarjapur Road. According to Pionier Lifestyle+, such foreigner will be entitled to acquire property only by way of inheritance from a person who is a resident of India.
In addition, a foreigner who is considered a non-resident individual is not permitted to transfer the property he or she receivesby way of inheritance to another person without RBI’s permission for the same.
People Having Indian Origin (PIOs) &NRIs (Non-Resident Indians): FEMA or Foreign Exchange Management Regulations rules permit PIOs as well as NRIs to purchase immovable property like residential plots in HSRLayout. However, they will not get the permission to own plantation property, farm houses as well as agricultural land.
Foreign Companies: In case, any foreign company acquires permission for starting one or multiple branches in India then they will be permitted to own any immovable property within India if the property will be necessary for performing their business.
But, such ownership of immovable property in India will not be allowed in case foreign company is only establishing their liaison office in India.