PANJIM: Admitting that there have been instances of foreign nationals, including those on tourist visas illegally acquiring immovable properties in Goa, the Goa government has reiterated on Thursday that an Indian citizen resident outside India can acquire immovable property in India other than agricultural land, plantation or a farm house as per existing rules.
However, citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan cannot acquire or transfer immovable property in India without prior permission of the Reserve Bank of India (RBI). The government guidelines have been released, according to officials after it noticed that foreign nationals, including those on tourist or visitors visa, are illegally acquiring immovable properties in Goa in violation of provisions of the Foreign Exchange Management Acquisition and transfer of Immovable Property in India Regulation 21/2000, commonly known as FEMA and other requirements prescribed by the authorities concerned.
According to the State government, a foreign company which was established as a branch office or a place of business in India under the FEMA provisions can acquire immovable property if the property is necessary for such activity, provided that all applicable laws, rules, regulation or direction in force are complied with and a declaration is filed with the RBI before 90 days from the date of property acquisition.
Also a foreign national residing in India for over 182 days during the preceding financial year for taking up employment or carrying on business/vocation or for any other purpose intends to stay for an undefined period, can acquire immovable property in India as he would be a “Person Resident in India’’ under FEMA.
But one who is acquiring immovable property has to fulfil the requirements prescribed by the authorities concerned in the State.
These instructions have been issued to avoid situations where investors faced with any problems while dealing with transactions in regard to purchase and sale of immovable properties so also when they intend to register the sale deeds before the taluka civil-cum-sub registrars in Goa, the direction reads.
There have been over 400 cases of properties purchased by foreigners in Goa by prima facie violation of FEMA presently being looked into by the Enforcement Directorate.
