im a green card holder and is likely to get my citizenship next year.i bought a flat exclusively in my name and a plot in the joint names of self and my wife who has american citizenship long back.I am told that NRI s cannot buy not more than two properties.If it is a fact, please advise me whether i can now buy one more flat in my sole name or it can be purchased in my wifes name only , since i have already two properties in India .would it be different if we apply for PIO.
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  • Hi,

    From whatever I understand of the laws, you as a non-resident are not limited to the number of properties you can acquire in India. The restriction of upto 2 properties applies only to the repatriation of sale proceeds.

    Repatriation of sale proceeds from immovable property acquired in India will be to the extent of repatriable funds used for acquiring the property, without any lock-in period, up to two residential properties. The balance amount will be repatriable through the NRO account subject to conditions applicable for repatriation of balances from NRO accounts.
  • There exist some regulations for NRIs on buying residential properties in India.

    An NRI cannot repatriate for more than 2 residential properties if they have been bought from an NRE account and if the funds have been sent of a rupee account then the limitation is that he has to hold the money in the account or in India for 10 years. So the restriction is 2 residential properties.

    Though these limitations are not applicable on commercial properties.