Can a NRI buy a large plot of land and make a farmhouse?
Question asked by oci (canadian citizen of indian origin):
i am oci (canadian citizen of indian origin) holding oci status.
can we buy a large plot of land and make a farmhouse?
can we buy waste land that is not being used for agriculture and turn it fertile?
i basically want to return to india & live
i can invest up to 400,000$
thanks for your inputs.
Vatsala Answers:
A person who is not a resident of India cannot purchase farm lands anywhere in India according to the Foreign Exchange Management Act. A resident is a person who resides in India for at least 182 days a year. An overseas citizen of India is no exception to this rule.However as a person of Indian origin, you can purchase other lands in India that are not agricultural lands.
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