Madras High Court calls for ban on NRIs buying houses to lower market rates

The Madras High Court in India proposed a ban on Non-resident Indians (NRIs) purchasing houses in India, prohibiting speculative sales and imposing 100 per cent extra stamp duty on the purchase of a second house for Indians to ensure housing for the poorer sections of society.

The court also asked authorities why it should not prohibit NRIs from purchasing houses in India to lower prices.
The court also asked authorities why it should not prohibit NRIs from purchasing houses in India to lower prices. Photo courtesy: wikimedia

The court directed the Union housing and finance ministries as party respondents to answer a series of questions including how many families have the basic amenity of housing in India as well as in Tamil Nadu, the population and housing ratio in the country and in the state and when the 'Housing for All' mission of the Central government would be achieved.

"Why doesn’t the government consider imposing such restrictions to control the escalation of house prices and to provide a house to every family in the country,” a division bench of Justice N Kirubakaran and Justice Abdul Quddhose wondered.

The court also asked authorities why it should not prohibit NRIs from purchasing houses in India to lower prices.

Calling for details of Central and State special schemes to provide housing for the marginalised and economically weaker sections including SC/ST communities, the bench also sought the details of the number of families that possess more than one house.

The court passed the order while hearing an appeal moved by the Tamil Nadu Housing Board challenging a single judge order against the acquisition of about 369 acres of private land in Thudiyalur and Vellakinar areas of Coimbatore for a housing scheme.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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