banner

NRI

A NRI is a person resident outside India who is either a citizen of India or a person of Indian origin. For all official purpose the Government of India recognizes an NRI who is away from India for more than 182 days, in a year.

A person of Indian origin means an individual (not being a citizen of Pakistan, Bangladesh, shri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) who:

  • Held an Indian Passport at any time, or
  • Who or whose father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.

There are no restrictions on the purchase of any numbers of Residential/Commercial Properties (except agricultural land/farm house/plantation)

The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR(B)/NRO accounts maintained with banks in India.

Currently there is no lock in period.

Yes.
Reserve Bank of India has granted general permission for sale of such property to the following categories:-
To a NRI
To a PIO (If the seller is a PIO, then a prior approval is required from RBI)
To Indian Resident.

Yes the sale proceeds can be remitted/repatriated out of India

In the event property acquired out of foreign exchange source i.e. remittance through normal banking channels/ debit to NRE/ FCNR(B) accounts, the amounts to be repatriated should not exceed the amount paid for such property from such source. However, repatriation of sale proceeds purchased out of foreign exchange is restricted to not more that two residential properties, in a block of one year, with a facility of crediting the Capital gain to the NRO account.

Again in the event the property was acquired out of Rupee source, an amount not exceeding USD one million, per financial year, subject to tax compliance, out of balance held in NRO account, may be remitted/repatriated.

Yes. The Reserve Bank has granted general permission for letting out any immovable property in India.You cannot examine the documents on your own, and thus, professional assistance needs to be taken.

Before you buy a property, you must get a title and document search report properly conducted by hiring a competent advocate.

Carpet Area: It refers to the area of the apartment, excluding the area of the walls.

Built-up Area: It comprises the apartment area as well as the area of the walls.

Super Built-up Area: This term is used only when referring to multi-dwelling units. It includes the apartment area, the area of the walls and the area under common spaces like lobby, staircase, elevators, etc.

The following documents must be properly verified by an advocate before buying a property:

  • Approved Layout Plan
  • Approved Building Plan
  • Title Ownership Documents
  • Complete Search

We always welcome an enquiry from a NRI/PIO in respect of any property to be purchased/sold.

Stamp Duty refers to charges in the form of taxes levied by the State Government.

The following instruments have a great influence on the payment of Stamp Duty on the market value of the property:

  • Agreement to Sell
  • Conveyance Deed
  • Exchange of Property
  • Gift Deed
  • Partition Deed
  • Power of Attorney
  • Lease Transfer

A Freehold Property refers to any plot or flat, where there is a sole proprietary ownership with no conditions under the land laws, and there is no less or lessee involved.

You might be required to hire an advocate to render his professional services for the proper examination of the authentication of the documents submitted by the seller.