Non Resident Indians ( NRI's ) represent an important segment of our customer base. Our experience of 15 years in the Real Estate business provides us the expertise to build excellent quality residences and offices which cater to discerning NRI's. Havingtravelled extensively we understand and completely appreciate the superior finishes and better quality that NRI's are used to. We are totally committed to providing the highest quality of workmanship along with the finest materials to create properties that all Indians will be proud off. Subject to certain limitations the regulations currently governing property transactions are as under.
NRI's do not require any permission from the Reserve Bank of India to acquire property (Residential and Commercial). Full repatriation of Investment both in Residential and Commercial properties is permitted. Rental and lease income is permitted to be repatriated. We offer a variety of options for internal specifications, interior layouts and payments. Also we offer numerous value added SERVICE exclusively to our NRI clients.
We provide, submit and file all required paper work for our NRI clients. NRI's wishing to hedge their currency risk have the option of signing agreements in either Indian Rupees, U.S. dollars or any convertible currency. Further upon completion of a project we also provide assistance to our clients wishing to rent / lease their properties.
- Exchange Control Regulations affecting the acquisation of residental property in India.
- Repatriation of investment in residential property
- Investment in commercial property
- Acquisation of residential property by foreign nationals of non-indian origin
- Property ready reckoner
- Capital Gains
- Individual Investor in movable property in India
The current position is therefore as under
Consequent to the liberalisation in Exchange Control policy and procedures, certain relaxation in the existing regulations and procedures governing the acquisition holdings etc. of immovable property in India have been announced.
Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring Immovable Property for bonafide residential purposes as section 31 of FERA 1973 is not applicable to them.
Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO Account or out of NRE Account or out of FCNR Account.
As per the recent relaxation RBI has granted General Permission to Non-resident Indian holding Foreign Passport (i.e. Foreign Citizens of Indian Origin) to acquire, hold, transfer or dispose off by way of sale or inheritance of immovable properties situated in India provided. The property is for the purchaser's bonafide residential purpose. The purchase consideration is met either by remittance of funds from abroad through normal banking channels or out of NRE / FCNR Account or out of FCNR Special Deposit Account.
The properties must be declared to RBI within a period of 90 days from the date of purchase in from the date of purchase in Form IPI-7.
The following documents must be submitted along with the declaration
A certified copy of the purchase deed or a certificate from the Co-operative Housing Society or an Association of the apartment owners as an evidence of transfer / registration of the property in the declarant's name.
Certificate from the declarant's bankers in India evidencing receipt of inward remittance(s) in foreign exchange through normal banking channel or withdrawal of funds from the declarant's NRE / FCNR Account or FCNR special.
Where a Foreign Citizen of Indian origin wishes to acquire a property, out of funds held in NRO Account then the aforesaid general permission from RBI will be required which can be applied for in Form IPI-1.
Where a Foreign Citizen of Indian origin wishes to acquire a property from the sale proceeds of another propert,prior permission of RBI is essential and may be obtained by applying in FormIPI-1.
Any number of properties can be acquired by non-resident Indians regardless of whether they are holding Indian passport provided they are required for bonafide residential purposes. |