URGENT: OCI buying Residential Land in India


#1 Mar 26th, 2010, 21:13
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  • rprasanna is offline
#1
I am planning to buy a Residential land in Chennai, India. As a OCI holder I am not sure what are all the documents I should have. After browsing alot I came to know that after purchasing the land I shoud file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transactions and bank certificate regarding the consideration paid.


Question 1: Where would I get the IPI 7 Form?
Question 2: The money should come from NRE and NRO or just NRE account.


The land which I am buying can be converted into Industrial land in future. So an OCI can hold Industrial land in India?

Please help and it is very urgent.
#2 Mar 26th, 2010, 22:18
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  • Nick-H is offline
#2
I think your lawyer lawyer should be better placed to help, and far more qualified.

What is this IPI7 form? Can you give a link that references it?
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#3 Mar 27th, 2010, 00:39
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  • machadinha is offline
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Quote:
Originally Posted by rprasanna View Post Please help and it is very urgent.
No matter what you do, I wouldn't rush things (nor have yourself being lead to the impression that you should) in these matters.

You probably wouldn't at home, would you; why would you in India.
#4 Mar 27th, 2010, 01:58
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  • Nick-H is offline
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Well, if he is on the edge of a deal...

But then, lawyers will be involved already. One hopes.

A quick googling suggests that this IPI 7 has to do with FERA. FERA has been succeeded by FEMA, which does not require any permission from the RBI, as FERA did.

I am not a lawyer...

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