| When one considers the vast size and scale of | | | | of by sale, mortgage, lease, gift, settlement or |
| India, it is perhaps a little surprising that it has not | | | | otherwise any immovable property situated in |
| yet fully emerged as an economic powerhouse; | | | | India.' In practical terms, this means that unless a |
| as well as attracting more interest from overseas | | | | buyer is resident in India, they must have the |
| property investors. India is one of the BRIC | | | | permission of the Reserve Bank of India (RBI). |
| countries, along with Brazil, Russia and China, the | | | | The rights to buy property in India are reserved |
| four economies that are predicted to provide the | | | | for certain groups that qualify, but for a foreign |
| most substantial economic growth in the world in | | | | national is it illegal to own property unless they |
| the next few years. Add to this the fact that | | | | satisfy the residency requirement of 183 days in |
| India is home to the largest company in the world | | | | a financial year. Tourist visas last for 180 days, so |
| (by numbers of people employed); has carved | | | | it is also impossible to buy a property on a tourist |
| itself a niche in the IT services sector; and has | | | | visa. |
| the people and resources to continue growing, and | | | | Buyers who are able to find their way through |
| it makes an attractive investment proposition. | | | | the buying regulations have the option to buy |
| Part of the reason that India has not made more | | | | along the 7,000km of coastline that has made |
| of an impact on the international property scene | | | | India so popular with travellers since the 1960s, or |
| is the fact that property ownership laws are far | | | | to make an investment in one of the |
| more restrictive than in most other countries. | | | | fast-growing cities that service the IT sector. |
| Whereas elsewhere it is often enough to set up a | | | | While it can be argued that the major growth in |
| bank account and tax status in order to buy a | | | | New Delhi has already taken place, the |
| property, in India you must be either a | | | | 'second-tier' cities of Bangalore, Chennai, Jaipur, |
| Non-Resident Indian (NRI) or a Person of Indian | | | | Hyderabad and Mumbai are seeing huge growth. |
| Origin (PIO) in order to buy. | | | | By 2015 it is predicted that a further 2.9 million |
| The FERA (Foreign Exchange Regulations Act), | | | | Indians will be employed in the IT services sector, |
| 1973 states that those 'who are not citizens of | | | | the majority of whom should be earning a wage |
| India (whether resident in India or not) and | | | | well above the average for the country. All of |
| companies (other than banking companies) which | | | | these newly-rich workers will need places to live in |
| are not incorporated under any law in force in | | | | the cities, and this is fuelling the building boom in |
| India are required to obtain prior permission of | | | | regional cities across India. |
| Reserve Bank to acquire, hold, transfer or dispose | | | | |