NRI Section

Trends are changing with many people of Indian origin, with even second and third generation NRIs opting to purchase their second homes / vacation homes near their relatives’ residence in Indian cities and their home towns. This could be seen as an intelligent investment which caters to their lodging requirements while they are on their planned visit to their homeland. This trend has pushed up the demand for affordable apartments in the Metros and tier II cities. Besides residential properties, many NRI industrialists are seeking commercial properties and are vacquiring land parcels in suitable locations from a strategic investment prespective.

The cosmopolitan feel of India is the proto-type reflecting the land of distinct cultural diversity. Soaring skyscrapers, posh residential colonies and bustling commercial complexes can be seen along with the ancient historical monuments. We very well understand that as an NRI you have a different set of needs with respect to your real estate management and investment requirements and we also understand that it needs special set of services to cater to your requirements We are marketing several top of the line upcoming and finished residential projects offering apartments and villas in various parts of the country within all budget categories.

Generally, an Indian Citizen who is not resident in India for a period over 182 days is a non-resident Indian. Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR/NRO accounts maintained with banks in India.
Applications for repatriation of sale proceeds of property in India are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final installment of consideration amount on the NRI property, whichever is later.
Yes, Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.
Yes, under the general permission granted by The Reserve Bank, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser’s NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration. Payments can also be made by from NRO account in which case the investment will remain on Non – Repatriation basis.
Yes, Reserve Bank has granted general permission for letting out any immovable properties in India. The rental income or proceeds of any investment of such in-come are eligible for repatriation subject to payment of local income tax.
The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.

Yes. Reserve Bank has granted general permission for sale of NRI properties. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
Applications for necessary permission for remittance of sale proceeds from NRI Real Estate in India should be made in form IPI 8 to the Central Office of The Reserve Bank at Mumbai within 90 days of the sale of the property and the same can be made through the designated banking channels.
Yes, General permission has been granted by Reserve Bank to non-resident persons (foreign citizen) of Indian Origin (PIOs) to transfer, by way of gift, immoveable property held by them in India to relatives and charitable trusts / organizations subject to the condition that the provisions of all other laws, as applicable are complied with.
Yes. Repatriation of original NRI investments in respect of Indian properties purchased by NRIs on or after 26 May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the NRI property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, which ever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.
Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions. (Source: Reserve Bank of India).
Authorized Dealers can allow remittance/s up to USD 1 million per financial year (April-March) for bonafide purposes, from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per financial year includes sale proceeds of immovable properties held by NRIs/PIO.