Buying property in India

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leo123v

New Member
Dear all,

I recently received a foriegn nationality and therefore lost my Indian nationality.


kindly advice if I can currently purchase a residential property in India (since I was previously Indian by birth) or is it really cumpulsory to acquire a PIO/OCI card first ?

Thanks in advance
 
apply for PIO atleast. it will be safer now. If its giving deposit etc for a flat , its ok. They have changed the procedures and mostly involves a finger printing when you register the deal. in many places. This is to avoid fraudulent transactions. I bought a property with my non indian passport a few years ago without a PIO/OCI. I have bought another one recently and they want me to come over and finger print for registration.Now I have PIO. Also if you need bank loans you will need one of this.
Ofcourse, It is always safe to have atleast one of these documents, when you put so much money(Its too expensive out there now)
Hope this helps.
 
thank you for your reply

If a foreign citizen (who was previously Indian) already holds a property in India without having a PIO/OCI card can he be penalized by the authorities for that ? will his property be seized by the government ?
 
Last edited by a moderator:
no.
all that acquired during your indian citizenship period(including your share from parental assets etc) can be retained. however, if you enter into new deal and if someone complains about your deal (for eg. being FORG, you are not suppose to buy agricultural prop., so if a envious neighbour complains) then you can get into problems.also in some states , new registrants have to produce proof of identity (PAN etc)
 
Some of my relatives bought residential property after gettting the foreign nationality. They didnt knew that schemes like PIO/OCI even existed. They just assumed that they could buy house in India since they were born in India. What can they do now to save their property ? is it too late ?
 
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