Westcliff RealtyWho can buy property in India?
Non-Resident Indians (NRIs) and Overseas Citizens of India (OCI cardholders) can buy residential and commercial property in India without any approval from the Reserve Bank of India. There is no limit on the number of homes you can own.
What you cannot buy, except by inheritance, is agricultural land, plantation property or a farmhouse. Apartments, villas and residential plots in approved projects are all permitted.
How you can pay
Payments must come through normal banking channels in India. You can pay:
- From your NRE, NRO or FCNR account in India
- By wiring funds from your US bank account to India (inward remittance)
- With a home loan from an Indian bank or housing finance company
Payment in foreign currency notes or travellers' cheques is not allowed. Keep the bank advice for every remittance: it matters later if you want to send sale proceeds back to the US.
Documents you will need
- Passport, and OCI card if you hold one
- PAN card (needed for the purchase and for tax filings in India)
- Proof of overseas address
- Passport-size photographs
- Power of attorney, if someone in India will sign on your behalf
The booking process, step by step
- Shortlist projects and get the price sheet and floor plans
- Take a live video walkthrough of the site and sample flat
- Pay the booking amount or expression of interest (EOI) to block a unit
- Sign the allotment letter and the registered agreement for sale
- Pay instalments as per the construction-linked or time-linked plan
- Take possession and register the sale deed
Every Godrej project is registered with its state's RERA authority, which sets rules on payment schedules, delays and refunds. Always check the project's RERA registration before you pay.
TDS when you buy
If you buy a property of ₹50 lakh or more from a resident seller, which includes a developer, you as the buyer must deduct 1% tax at source (TDS) from each payment and deposit it with the Income Tax Department. You need a PAN to do this. We help NRI buyers complete these filings with every instalment.
What to report in the US
US citizens and residents are taxed on worldwide income and must report foreign bank accounts above the reporting thresholds (FBAR and FATCA). Rental income from an Indian property is usually reportable in the US, with credit for tax paid in India. Speak to a US tax advisor familiar with India before you buy.
FAQs
Can an OCI cardholder buy a flat in India?
Yes. OCI cardholders have the same rights as NRIs to buy residential and commercial property. Agricultural land, plantations and farmhouses are excluded.
Do NRIs need RBI permission to buy property?
No. NRIs and OCIs can buy residential and commercial property without RBI approval, as long as payment comes through normal banking channels.
Can I buy without travelling to India?
Yes. You can book after a video walkthrough and use a power of attorney for the documents that must be signed in India.
This guide is general information, not legal or tax advice. Rules change; confirm the details with a chartered accountant or lawyer before you act.