[BUYING AND SELLING REAL ESTATE IN INDIA]
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hotels,
malls,
retail
stores,
immovable property in India. At present, apart from Indian non-residents as specified below, no person who is resident outside India can acquire any immovable property in India.
warehouses, garages etc.
3.2.3. Mixed Use
Refers to the provision for undertaking non-residential activity in residential premises/land. Such land allows access to commercial activities in the proximity of the residences and reduces the need for commuting across zones in the city. However, at the same time, it needs to be regulated in order to manage and mitigate the associated adverse impact related to congestion, increased traffic and increased pressure on civic amenities.
Citizen of India residing outside; and
•
• Person of Indian origin residing outside.
The aforementioned persons are permitted to acquire immovable property in India, however, cannot acquire agricultural property, plantation property or a farmhouse, provided that the payment for purchase of the same has been made out of: • Funds received in India through normal banking channel by way of inward remittance from any place outside India; • Funds held in any non-resident account maintained in India in accordance with the foreign exchange regulations. 5. PRE-REQUISITES TO PURCHASE OF IMMOVABLE PROPERTY 5.1. Verification of title and ownership of Seller: Buyer should conduct due diligence over the immovable property to ascertain the existence of the title with the seller, the nature of the title and its marketability and the ability of the seller to convey a clear and marketable title free from any kind of encumbrance over the immovable property. 5.2. Verification of identity and authority of Seller Similar to verification of title to the property, the purchaser must ascertain the identity of the seller and any specific
3.2.4. Industrial
Such land is typically a premise for undertaking industrial activity with non-hazardous, non-polluting performance and may include a group of small industrial units with common services and facilities of non-polluting nature.
4. PURCHASE OF IMMOVABLE PROPERTY In the earlier constitutional regime, the right to property was guaranteed by the Constitution of India as a fundamental right. However, later vide 44 th constitutional amendment, the right to property was moved from being a fundamental right to be a constitutional right under article 300A. The said article of the Constitution of India embodies the doctrine of eminent domain which specifies that the Government of India has the right to acquire immovable property of person in India in public interest. A foreign national of non-Indian origin resident outside India cannot buy any
ILN Real Estate Group – Buying and Selling Real Estate Series
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