PIO does not require any permission to transfer any immovable property in India other than agricultural land/farm house/plantation property, by way of sale to a person resident in India.
Purchase of property from Owners with OCI card
Hi, We are in consideration of buying a residential property with two owners of Indian Origin(sisters) Owner 1 is an Australian citizen and is PIO with OCI Card Owner 2 is a srilankan citizen and is PIO with OCI card Do we need RBI letter for purchase of property from Owner 2 (as she is Srilankan Citizen?) What are the implications for the same?
Asked 4 years ago in Property Law
Religion: Hindu
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6 Answers
For residential property you don't need any rbi letter as oci is legally Permissible to buy the same
The vendor 2 being a Sri Lankan citizen does not call for any specific RBI clearance. As both hold OCI cards, you may go ahead.
RBI clearance not required.
You don't have to obtain permission from RBI for buying the property in India being a resident India, even though the sellers are foreign citizens of Indian origin.
Don't get confused thinking about impracticable things, if you have any doubt about the genuineness of the property, you may better obtain a proper legal opinion from a local lawyer and proceed only when recommended.
Dear Client
You don't need any permission to buy a residential property. The only bar is in the case of agricultural land. Please mention whether you are an OCI or where the property is situated for any further quarry.
Thank you
