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Is It Legal For NRI To Buy Property in Mumbai?

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Is It Legal For NRI To Buy Property in Mumbai?

Last updated: June 24 2013
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  • Is It Legal For NRI To Buy Property in Mumbai?

    I'm an Indian (look, talk act like an Indian) and parents are Indian too.
    I was born in London but spent most of my college life in Mumbai.
    I recently got married to a US citizen and last year got my US citizenship.

    I would like to buy a small flat in Mumbai India.

    I would like to know:
    - Is it legally possible and how can I approach it?
    - I know property prices have increased like crazy since my college years. What are some good websites to research property, don't need anything fancy just want a small flat in Mumbai.
  • #2

    #2

    Re : Is It Legal For NRI To Buy Property in Mumbai?

    If one has a Indian passport then buying real estate here should be possible.

    Comment

    • #3

      #3

      Re : Is It Legal For NRI To Buy Property in Mumbai?

      Originally posted by rdindialife View Post
      I'm an Indian (look, talk act like an Indian) and parents are Indian too.
      I was born in London but spent most of my college life in Mumbai.
      I recently got married to a US citizen and last year got my US citizenship.

      I would like to buy a small flat in Mumbai India.

      I would like to know:
      - Is it legally possible and how can I approach it?
      - I know property prices have increased like crazy since my college years. What are some good websites to research property, don't need anything fancy just want a small flat in Mumbai.
      PIO can buy residential/commercial property in India.

      Go through this link..many queries will get answered

      Reserve Bank of India
      Good luck

      Comment

      • #4

        #4

        Re : Is It Legal For NRI To Buy Property in Mumbai?

        Originally posted by rdindialife View Post
        I'm an Indian (look, talk act like an Indian) and parents are Indian too.
        I was born in London but spent most of my college life in Mumbai.
        I recently got married to a US citizen and last year got my US citizenship.

        I would like to buy a small flat in Mumbai India.

        I would like to know:
        - Is it legally possible and how can I approach it?
        - I know property prices have increased like crazy since my college years. What are some good websites to research property, don't need anything fancy just want a small flat in Mumbai.


        Balle - Balle bhaai,

        Enjoy the US citizonship.

        Lucky man --- It seems You don't have much to do there so thinking for India & ...........

        God alloted you some good & quality time -- Enjoy that.

        Comment

        • #5

          #5

          Re : Is It Legal For NRI To Buy Property in Mumbai?

          Originally posted by rdindialife View Post
          I'm an Indian (look, talk act like an Indian) and parents are Indian too.
          I was born in London but spent most of my college life in Mumbai.
          I recently got married to a US citizen and last year got my US citizenship.

          I would like to buy a small flat in Mumbai India.

          I would like to know:
          - Is it legally possible and how can I approach it?
          - I know property prices have increased like crazy since my college years. What are some good websites to research property, don't need anything fancy just want a small flat in Mumbai.

          Buy in the US while interest rates and property prices are still low. Why do you want to invest in India? Indian economy has slowed down considerable with so signs of picking up again. RE Bubbles are about to Pop in most big cities.

          Ghar ki murgi dal barabar

          Comment

          • #6

            #6

            Re : Is It Legal For NRI To Buy Property in Mumbai?

            bol na bhai --- rdindialife

            kuch to bata mere yaar.

            Hum aapke soanchne ke tareeke se Pareshaaaan ho rahe hain.

            Comment

            • #7

              #7

              Re : Is It Legal For NRI To Buy Property in Mumbai?

              Originally posted by rdindialife View Post
              I'm an Indian (look, talk act like an Indian) and parents are Indian too.
              I was born in London but spent most of my college life in Mumbai.
              I recently got married to a US citizen and last year got my US citizenship.

              I would like to buy a small flat in Mumbai India.

              I would like to know:
              - Is it legally possible and how can I approach it?
              - I know property prices have increased like crazy since my college years. What are some good websites to research property, don't need anything fancy just want a small flat in Mumbai.
              Legally possible as a PIO. As for buying, Mumbai property prices are not going anywhere, build good cash reserve in hand. Most important thing is your budget, whether you are interested in parel or palm Beach road, having good cash of at least 80 lacs can earn you discounts of up to 20-30% to the quoted price.

              Sent from my A210 using Tapatalk HD
              Last edited June 18 2013, 08:42 PM.

              Comment

              • #8

                #8

                Re : Is It Legal For NRI To Buy Property in Mumbai?

                Originally posted by darkhorse View Post
                Buy in the US while interest rates and property prices are still low. Why do you want to invest in India? Indian economy has slowed down considerable with so signs of picking up again. RE Bubbles are about to Pop in most big cities.

                Ghar ki murgi dal barabar
                I have to disagree with you. I bought a house in Charleston SC in 1999 for $98900 and today I'll be lucky to get $115000. I bought another (primary residence) in Mt Pleasant SC in 2005 for $350000 which might break even. On the contrary I purchased 3bhk flat in Powai for $76000 in 2006 which I sold last month for $380000. Agreed, I cannot repatriate this money back in to US that easily. You cannot compare real estate of Mumbai to US. Even if the so called bubble bursts in Mumbai there are 14 million people living in that tiny little city who are always looking for a place to live.

                Comment

                • #9

                  #9

                  Re : Is It Legal For NRI To Buy Property in Mumbai?

                  Originally posted by rdindialife View Post
                  I'm an Indian (look, talk act like an Indian) and parents are Indian too.
                  I was born in London but spent most of my college life in Mumbai.
                  I recently got married to a US citizen and last year got my US citizenship.
                  ---------------- You got married to US Citizen more than 3 years and AFTER 3 years you filed for US Citizenship, Went for Interview at Local USCIS office, give answer for 10 questions out of 100 and then passed the test and then took oath and then got the Certificate and May have applied US passport and updated the Social Security office that now you are US Citizen.
                  After Getting US Citizenship you may have got OCI for India. You are PIO (Person of India Origion) NRI/POI are treated equall for Bank Accounts and for Property.

                  I would like to buy a small flat in Mumbai India.
                  -------You CAN buy small or big Flat in Mumbai.

                  I would like to know:
                  - Is it legally possible and how can I approach it?
                  ---------------- It is legal. You shoud try to search the Flat New or resale according to the location where you want to buy. You can contact Agents/Brokers in that area they can find a flat for you.
                  You should open NRE(Non Resident External Rupee account) with Bank in India (ICICI, HDFC are good) and transfer the Money from US or UK to NRE Bank account in India. Make the Payment for Flat from NRE account Check and keep the Copy of Check with you for your records. once you buy the flat then you have to pay Stamp Duty+ Registration charges +Broker charges if Broker was involved .You have also to go for registration of the Flat.
                  - I know property prices have increased like crazy since my college years. What are some good websites to research property, don't need anything fancy just want a small flat in Mumbai.

                  ------You should post the Location name where you are trying to buy the flat. you should also post how much Area of Flat is enough for you and also post how much you are ready to pay. many will help you.
                  Good Luck!!
                  __________

                  Comment

                  • #10

                    #10

                    Re : Is It Legal For NRI To Buy Property in Mumbai?

                    Originally posted by ashish18 View Post
                    Legally possible as a PIO. As for buying, Mumbai property prices are not going anywhere, build good cash reserve in hand. Most important thing is your budget, whether you are interested in parel or palm Beach road, having good cash of at least 80 lacs can earn you discounts of up to 20-30% to the quoted price.

                    Sent from my A210 using Tapatalk HD

                    can u suggest me some property with this discount--in mumbai

                    Comment

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