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Aug 01, 2014
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FinMin tells States to track real estate deals by foreigners
The Finance Ministry has advised States to be “extra vigilant” while registering property purchased by foreign nationals.State authorities need to satisfy themselves about the eligibility of foreign nationals under the Foreign Exchange Management Act (FEMA) before registering the sale or purchase of immovable property in India, the Finance Ministry said in a statement.Buyers, sellers under scanner Inquiries may cover both intending buyers and sellers, it said, adding that the relevant travel documents and nature of visa may also be verified before registering such a sale/purchase.
Source -
http://www.thehindubusinessline.com
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