Yes, they can acquire or transfer immovable property in India on a lease not exceeding five years.
Yes, an instrument that requires mandatory registration shall be registered within four months from the execution of the said instrument. However, if the said four months expire, one could avail an additional four months to register the said instrument.
The Schedule under the Indian Stamp Act governs the stamp duty collected on a particular instrument. Furthermore, each state may have its amendment in the said Act.
Registering a document is for the purpose to give information on particular properties by getting the document executed. The said documents require mandatory registration, which will provide legitimacy to rights and can be further presented as evidence before the Court of law. The courts of law rely heavily on such records for deciding property disputes.
No restrictions are there on the number of residential /commercial properties that NRI/PIO can purchase; moreover, no special permission is required from RBI for the same.
No, an NRI can’t acquire any agricultural land/ plantation property/farm house in India. However, an NRI can be a holder of any agricultural land/ plantation property/farm house in India through succession or being an existing holder.
The following types can purchase immovable property in India:
Non-Resident Indian (NRI)
Person of Indian Origin (PIO)
However, the law is limited to only the purchase of a residential and commercial property.
An instrument to transfer title rights, interest, ownership and possession in an immovable property from one person to another person is called a transfer deed.