Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) based in the United States, UAE, UK, Singapore, and Australia represent a major driving force in Amaravati’s real estate revival. However, foreign exchange compliance under FEMA, Power of Attorney procedures, and remote property management require specialized knowledge.
1. Can NRIs Legally Buy Plots in Amaravati?
Under Reserve Bank of India (RBI) and Foreign Exchange Management Act (FEMA) guidelines, NRIs and OCIs are permitted to purchase any residential or commercial immovable property in India without requiring special approval from the RBI.
Note: Raw agricultural land is restricted for NRIs, but APCRDA-approved residential open plots with NALA conversion are 100% legally permitted for NRI acquisition.
2. Permitted Banking Channels (NRE vs NRO)
• NRE (Non-Resident External) Account: Funds remitted from abroad into an NRE account can be used for purchase. Sale proceeds are freely repatriable outside India up to FEMA limits.
• NRO (Non-Resident Ordinary) Account: Used for funds generated in India. Repatriation of sale proceeds is permitted up to $1,000,000 USD per financial year under RBI liberalized guidelines.
3. Remote Registration via Power of Attorney (Special GPA)
NRIs do not need to travel to India physically to execute plot registration. You can execute a Special Power of Attorney (SPA) attested by the Indian Consulate or notarized with Apostille stamp, adjudicating it in Andhra Pradesh within 90 days.
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