Buying houses in Mumbai – house buyers’ guide

Land is at a premium in Mumbai, which means property sales involving anything other than a condominium unit are extremely rare. Land ownership is also an issue for those looking to invest in this area.

Most new real estate developments in Mumbai are firmly aimed at long-term investors looking for impressive returns, with modern high-end high-rise offices, hotels and apartment blocks all key new features of the city’s burgeoning skyline. Yet although lucrative profit potential has attracted plenty of international interest, the reality of purchasing property under Indian law is far from straightforward. Since 1973 the Foreign Exchange Regulations Act has in fact restricted the right to own property to Indian citizens (including non-residents) and ex-pats able to prove direct Indian origin. For other foreign nationals, eligibility is determined by residency. However, although the annual residency requirement is 183 days, tourist visas expire after 180 – a well-documented bureaucratic catch-22. Five-year leases are one way to partially sideline this issue, yet they necessitate costly renewal of tourist visas by re-entry every six months.

Top tips for Mumbai property
Guide to buying condos in Mumbai
Guide to real estate in Mumbai