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| Home > Real Estate, Wills, Probate and Trust > Real Estate in India- An Attractive Venture For Non-Residents Indians. |
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| Classification of Properties |
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Classification of Properties:
The land in India is divided into five categories and the buildings/flats etc are divided in two categories. A land user is attributed to each breadth of land and can be used only for the purpose for which the land user is sanctioned. A person desiring of using the land for the purpose other than specified will have to seek the permission of competent government for get the land user converted.
The land can be broadly classified in following five categories
- Residential properties
- Commercial properties
- Agricultural properties
- Plantation properties
- Farm House
The buildings/flats can be classified in two categories:
- Residential
- Commercial
Agricultural Properties:
Certain restrictions have been imposed upon the transfer of agricultural lands in India by Central laws and the respective state laws. The Central government has restricted the transfer and ownership of agricultural lands, plantation properties and farm house on the basis of citizenship and residence of transferor and transferee.
Non-resident Indians (NRI) and Persons of Indian origin (PIO) have been prohibited under the provisions of FEMA from acquiring/purchasing agricultural lands, farm houses and plantation properties. In order to acquire agricultural properties, farm houses and plantation properties one has to satisfy the twin test of being a citizen of India and person resident of India.
The restrictions imposed by the state governments is not limited to NRI's and PIO's, it extends to Indian citizens resident of India. Most of the states insist that agricultural properties can be acquired only by a "farmer" domiciled in that state. The residents of other states and the persons who are not farmers cannot acquire agricultural properties.
Residential properties:
Residential properties and Commercial properties can be acquired by any person irrespective of citizenship and residence. Indian Citizens, foreign national, NRI's and PIO's are free to acquire without restrictions residential and commercial properties.
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