The NRI section is exclusively designed keeping in mind the NRI investment requirements. We give you a chance to choose from a priviledged range of Residential / Commercial projects offered by the best real estate brands in the country.

Who is a NRI ?

An Indian Citizen who stays abroad for employment / carrying on business or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident Indian. (Persons Posted in U.N. organisations and official deputed abroad by Central / State Governments and Public Sector undertakings on temporary assignments are also treated and non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian Origin are treated at par with non- resident Indian citizen (NRIs).

Who is a PIO?

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

i) held an Indian Passport at any time, or
ii) 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.

What is OCB ?

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of atleast 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts in which atleast 60% of the beneficial interest is irrevocable held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees, The various facilities granted to NRIs are also available with certain exceptions to OCBs so long as the ownership/beneficial interest held in them by NRIs continues to be atleast 60%.

What are the types of Property can a NRI / PIO purchase in India?

There are no restrictions on the numbers of Residential/Commercial Properties (other than agricultural land/farm house/plantation) that can be purchased.
What are the various facilities available to NRIs / OCBs?
NRIs/OCBs are granted the following facilities :

1. Maintenance of bank accounts in India.
2. Investments in securities/shares of, and deposits with,Indian firms/companies.
3. Investments in immovable properties in India.

How should the purchase of residential immovable property be paid for by NRI / PIO under the general permission?

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.

Can NRI / PIO's acquire or dispose residential property by way of gift?

Yes, NRIs and PIOs can freely acquire immovable property in India by way of gift either from

(i) Person resident in India
(ii) NRI
(iii) PIO

However the property can only be commercial or residential. Again NRIs and PIOs may gift residential / commercial property to

(i) Person resident in India
(ii) NRI
(iii) PIO
(iv) Foreign national of non Indian origin - with approval of RBI

Can the sale proceeds of such property (if and when sold) be remitted / repatriated out of India?

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.

In case of repatriation is there any tax liability to the Indian Government?

Yes, during repatriation Capital Gains (Long Term / Short Term) as applicable will be attracted.Long Term Capital Gains: For properties held for 36 months or more are termed as Long Term Capital Assets, and currently attracts a rate of 22.6% (Fin. Year: 2007-08), Short Term Capital Gains: For properties held for less than 36 months are termed as, Short Term Capital Assets, and currently attracts a rate of 33.9%.

Can the properties (residential / commercial) be given on rent if not required for immediate use?

Yes. The Reserve Bank has granted general permission for letting out any immovable property in India.