Immovable property transaction restrictions require prior permission for specified foreign citizens, excluding short leases and Overseas Citizens of India. Rule 31 restricts the acquisition or transfer of immovable property in India by citizens of specified countries unless prior permission of the Reserve ... Summary
Immovable property transaction restrictions require prior permission for specified foreign citizens, excluding short leases and Overseas Citizens of India.
Rule 31 restricts the acquisition or transfer of immovable property in India by citizens of specified countries unless prior permission of the Reserve Bank is obtained. The restriction does not apply to leases not exceeding five years or to an Overseas Citizen of India. "Citizen" includes both natural persons and legal entities, extending the restriction to entities connected with the specified jurisdictions.
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