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Why NRIs Are Investing in Plots Like Never Before
Non-Resident Indians (NRIs) have always been major investors in Indian real estate. One of the most common questions they ask is whether they can legally buy residential plots in India.
The answer is yes—but with a few important conditions.
Can NRIs Buy Residential Plots?
Yes, NRIs Can Buy Residential Plots
NRIs are allowed to purchase:
Residential plots
Residential apartments, villas, and houses
Commercial property
They do not need prior permission from the Reserve Bank of India (RBI) for these purchases.
What NRIs Cannot Buy
NRIs are not permitted to buy:
Agricultural land
Plantation land
Farmhouses
However, they may inherit or receive these as gifts, but cannot directly buy them.
Payment Rules for NRI Plot Purchase
When buying a residential plot in India, NRIs must follow these payment guidelines:
Payments must be done in Indian Rupees (INR)
Funds must come through:
NRE account
NRO account
FCNR account
Or inward remittance from abroad
Payments cannot be made in cash
Home loans from Indian banks are also allowed for NRI buyers.
Documents Required
To complete the purchase, NRIs typically need:
Valid passport
PAN Card
Proof of overseas address
Recent photographs
Power of Attorney (if someone else handles registration)
Sale agreement and title papers (from the seller or developer)
Why Residential Plots Are Popular Among NRIs
NRIs prefer residential plots because:
They provide good long-term capital appreciation
Buyers can build a house any time they want
Plots allow for flexibility in their design and construction
Gated layouts and plotted developments provide secure options to invest
Checklist for NRIs Buying a Residential Plot
Before Buying
Confirm land classification – It must be non-agricultural and approved for residential use.
Verify title documents – Ensure the land is free from legal disputes.
Check developer approvals – Layout approval, land conversion, etc.
Review RERA registration (if applicable).
Plan your payment method through NRE/NRO accounts.
During Purchase
Sign the sale agreement.
Complete stamp duty and registration at the Sub-Registrar office.
Ensure property tax records are updated in your name.
After Purchase
Maintain property tax payments.
Keep copies of all agreements and receipts.
If selling later, follow NRI capital gains tax rules.
Repatriation of Funds (Selling Later)
If an NRI sells the residential plot in the future, the sale proceeds can be sent (repatriated) abroad, subject to:
Tax compliance
Limits on repatriation from NRO accounts
Proper documentation of original investment
Summary
NRIs can purchase residential plots in India, provided the land is not agricultural and the payments go through approved banking channels. Buying a residential plot can be safe and profitable, with assured returns for long-term investment or a future home in India, with proper legal check of documents.
Jadid in Land Terminology: A Closer Look at Fresh Land Settlements
Land transactions can be like a puzzle; understanding the terminology is the key to unlocking its secrets. One term you might come across is "Jadid," which means new in the Indian land language. Let Genuine Plots guide you through the nuances and help you understand the various types of land settlements.
Taxguru
Understanding "Jadid": What Does It Mean?
The word "Jadid" translates to new, and in the realm of Indian land terminologies, it signifies a fresh or entirely revised settlement – a Jadid settlement. This term is crucial in keeping land records updated and legally sound, forming the bedrock for clear and lawful land transactions.
What is a Jadid Settlement?
A Jadid settlement involves a thorough re-measurement while considering existing land records. Why might we need such a completely revised settlement? Changes in market conditions, unforeseen events, or the necessity to modify terms for mutual benefit can be reasons. Essentially, Jadid settlements ensure land agreements stay relevant and effective over time by providing updated and legally compliant land records.
Banjar Jadid: Another Twist to the Term
There's another phrase in the world of land records - Banjar Jadid. This refers to a new fellow land not cultivated for four consecutive harvests. It's another facet of the term "Jadid" emphasizing the newness or untouched nature of the land.
Differences Between Jadid and Regular Settlements
In the land terminology dictionary, Jadid settlement means a complete revision, while a regular or Kanooni settlement refers to a legal agreement where the previous record is non-existent. In simple terms, Jadid settlements allow parties to adapt to changing market conditions, resolve disputes, and ensure ongoing compliance with legal requirements.
Why Are Jadid Settlements Important?
Picture it as giving your land agreement a fresh coat of paint. Jadid settlements help parties navigate changing circumstances, settle disagreements, and maintain compliance with the law. They pave the way for smooth and sustainable land transactions by providing updated and legally sound records.
With this newfound knowledge, you can confidently navigate the land labyrinth, making informed decisions for a brighter land-owning future. Stay updated on the latest developments in plot properties in Maharashtra by following Genuine Plots.
Land transactions can be a labyrinth of confusing terms, especially when checking records online. In this simplified guide, Genuine Plots unravels key terms, empowering you to make informed decisions and ensuring smooth navigation through the world of land transactions. Let's embark on this journey together, where understanding land records becomes as easy as a walk in the park.
Jamabandi
- Jamabandi serves as the Records of Rights (RoR), providing intricate details about land ownership, including information about owners and cultivators.
Nakal
- Nakal is a document that encapsulates all essential information about a piece of land, covering ownership patterns, revenues, and other pertinent details.
Khata
- Khata is a crucial revenue document that assesses a property's size, location, and build-up area. It also pinpoints the individual responsible for property tax payments.
Khasra or DAG Number
- Often referred to as DAG number, Khasra is a unique identifier assigned to a land parcel in a village. In urban areas, it corresponds to the survey number.
Khewat
- Khewat is a number assigned to landowners who collectively own a piece of land. Think of it as an account number granted to various owners of the same parcel.
Mauza
- Mauza is the term used to refer to a village, a significant geographical unit in land records.
Bainama
- Bainama is synonymous with a sale deed, providing a comprehensive transaction record.
Khatauni
- Khatauni acts as a comprehensive account book, detailing all landholdings and their respective landowners.
Patta
- Patta is a record of rights, a document that unveils the name of the legal owner of a piece of land property.
Khudkasht
- This document signifies that the land is cultivated by its owners, not external cultivators.
Embarking on a land transaction journey can be daunting, but armed with these simplified explanations, you'll be better equipped to decode the complexities of land records.
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