Non resident Indians are seen a lot to keen on buying a property at their back home in India. It can be for their family living in India or NRI want a getaway every time they return in India or because they would like to come back and settle later in their lives in India. However, buying a property in India can be a difficult task for NRIs. Usually, NRI’s rely on their relatives to help them abide by several regulations. NRIs can inherit any immovable property. Also, the law allowed NRI’s to inherit agricultural land as well as farmhouses which are otherwise not entitled to purchase. Similarly the non-resident Indians are freely bequeath or gift property located in India to residents of India. If you are an NRI and thinking for a buying a property in India it is important for you to understand Indian regulations before buying any property. In manner to achieve the purpose of “Housing for All” mission within the stipulated time period the Madras High Court has suggested to put restrictions from buying residential properties on Non Indians (NRIs) in the State. The current proposal of Madras High Court to ban NRIs to buy houses in the State is expected to limit hike in property value, reported in the past. Not permitting NRIs to invest in such real estate transactions would also help the people to get its ambitious mission of Housing for All. In addition, the High Court of Madras has also suggested imposing 100 percent additional stamp duty charge on the purchase of second house along with other statutory charges like as property electricity bill, taxes, water and sewerage charges. The High court bench of justices N Kirubakaran and Abdul Quddhose has asked “why the government has not required such restrictions in manner to control the growth of house prices and provide every family a house in the country”.
The bench has also requested to the Finance and Housing Ministry to share the details regarding the families equipped with needed facilities, housing ratio of the State and estimated time required to achieve the Housing for All mission of the Central Government’s. The bench said every individual has the right to have more than one house and as on date there is no restriction on having a house. On the other hand such individuals should also think of the rights of others people to have a house and avoid getting houses which can be available to others. Apart this court also wanted to clear the fact that the authorities to know as to why it should not ban the NRIs from buying the houses in India to get down the price of housing. Also justifying the directions, the concerned court said that “Lakhs and Lakhs of people are living on roads, platforms, in slums and cement pipes, under the trees without proper shelter and basic facilities and safety.” It is also true that the Centre has agreed to give housing unit to each family. The court also said that it should be done at the earliest along with the fact that it could become fruitful when restrictions are impose on people who hold more than one house. The authorities also directed that whether the state and central have got special schemes to provide house for the poor sections people including SC/ST communities.