To purchase property you must possess a valid ‘OCI/PIO’ card duly issued by appropriate authority.
2) you cannot enter into any agreement for sale and make down payment before receiving OCI status
Deposit on off-plan purchase pre official OCI
Following on from questions around purchasing off-plan apartment in Goa as OCI resident in UK. Can I put deposit on off-plan property down and secure it's allocation to me BEFORE officially receiving OCI status? (I'm in process of applying - I was born in India, and once held an Indian passport, my parents were born in India, my grandparents were born in India, etc.) Thanks
Asked 7 years ago in Property Law
Religion: Hindu
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3 Answers
No,since you have not received the OCI card as yet you will be treated as foreign national now.
So you can purchase property only with the consent of the RBI.
3. Who is OCI?
(a) Any person of full age and capacity:
(i) Who is a citizen of another country, but was a citizen of India at the time of, or at any
time after, the commencement of the constitution, or
(ii) Who is a citizen of another country, but was eligible to become a citizen of India at the time of the commencement of the constitution, or
(iii) Who is a citizen of another country, but belongs to a territory that became part of India after the 15th Day of August, 1947.
(iv) Who is a child of such a citizen, or
(b) A person, who is minor child of a person mentioned in
clause (a);
Thus if your application for OCI is still pending or you are yet to apply for the same, it would be advisable to wait for the approval of the same instead of making simple things complicated.
No doubt you can make a deposit but on whose account and on what basis?
What is the guarantee that RBI rules can be relaxed if in case your application of OCI is not considered within given or stipulated period?
prospective buyer or seller of property in India can consult his/her own legal/finance/tax advisor and obtain suitable advise for their specific transaction.
