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Tags: Foreign Investment
According to an estimate, over 25 million Non Resident Indians are looking homewards for potential investment opportunities in real estate. The foreign direct investment under automated route in real estate development has also boosted the confidence of Indians abroad to forge alliances with global realty giants for testing select markets across the country.
Under the Foreign Exchange Management Act, 1999, commonly known as the FEMA, the Reserve Bank of India is empowered to frame rules and regulations to prohibit, restrict or regulate the acquisition or transfer of immovable property in India by certain persons mainly residing out of India. The restrictions contained therein are however, not applicable to a lease of immovable property for a period less than five years.