Can OCI purchase agricultural land in India?
Can OCI purchase agricultural land in India?
OCI card holders can purchase residential and commercial properties in India. But they are not permitted to purchase agricultural land, including farmland or any kind of plantation property.
Can I live in India forever with OCI card?
Overseas Citizenship of India (OCI) is a form of permanent residency available to people of Indian origin and their spouses which allows them to live and work in India indefinitely.
Can I buy a agricultural land in India?
Not everyone can buy: As per the law, you need to be a farmer to own agricultural land in India. Conversion is not easy: You cannot convert a fertile piece of agricultural land into a residential one. The land should be a dry land, for conversion. Land Ceiling Act: A number of states restrict the ownership of land.
In which state can a non farmer buy agricultural land?
Who can buy agricultural land in India. In some states like Telangana, anyone can buy agricultural land, regardless of whether or not they are farmers. However, in other states, like Karnataka, only registered farmers or those from farming families can buy agricultural land.
Can OCI holders sell property in India?
According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India.
Can OCI Card holders buy property in India?
1. you can purchase residential or commercial properties in India. an OCI cardholder cannot purchase agricultural land, including farmland or plantation property,
Who is an OCI Cardholder?
Overseas Citizenship of India (OCI) cardholders are individuals of Indian descent PIO’s who are citizens of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan will require prior RBI approval to purchase property in India. 2.
What are the rules applicable to NRI/OCI residing out of India?
The rules applicable to NRI/OCI residing out are applicable to NRI/OCI in India. You are not eligible to purchase agricultural land.
What kind of property can OCI/PIO invest in?
As per the guidelines issued by RBI, an OCI/PIO can invest in any residential or commercial property. The guidelines also state that they can buy any number of residential or commercial properties. Further, they can inherit agricultural land or farmland.