We at GoaHolidayHomes.com do not deal with properties for sale, but would suggest to our visitors to read the following information.
How do a foreign national qualify to be a resident of India ?
A foreign National who has stayed in India for more than 182 days
during the course of the proceeding financial year i,e. April to
March and who has come to or stays in India either for taking up
employment, carrying on business or Vocation (not Vacation) in
India or for any other purpose that would indicate his intention
to stay in India for a uncertain period.
Can a foreign national having qualified as resident of India buy
A property in India ?
Yes! but not a Agricultural Land and provided he has complied with
the Regulations of Reserve Bank of India viz a viz regulations of
the Foreign Exchange Management Act,1999 which regulates/controls
foreigners activity in India.
Can a foreign national buy a property on business ?
A foreign National having stayed for more than 182 days in India
on business or commercial visa can buy property by forming a
Company under the Indian Companies Act,1956 and resistor the
properties under the name of the Company. However if the Company
goes on liquidation the Government of India can take over such properties.
What if the foreign national is unable to complete 182 days during
The financial year ?
A foreign National not able to complete 182 days in a financial year
he can take the property on short term lease (Not more than five Years)
from the owner of the land (Agreement of Sale & Development would be
in violations of FEEMA & RBI Rules) until such time he acquires the title of a Resident of India for the Registration of the property.
How can a foreign national differentiate agricultural land to a residential property or in a settlement zone ?
In the case of State of Goa a Form called I & XIV is issued by the
Revenue office of the Village which will indicate the area of the
property and nature of the property but not necessarily the TRUE
ownership of the property in the OCCUPANTS column. Also other person
holding Rights and nature of Rights are shown. In the case of settlement
zone to confirm with the Town & Country Planning Department, Government
of Goa.
How can you verify a freehold property ?
In the case of State of Goa check ownership tittle by examining the
Certificate of Inscription and Description of the property down the family line to the Seller. Other States in India have separate family laws governing family assets. The best option is to consult a experienced solicitor.