FAQ's

1. Information About Real Estate Property in Delhi NCR
It has been witnessed that the price of property especially in Delhi & NCR is rising at the rate of 20 % every year and that too mainly on Noida & Greater Noida loop. Purchasing property for non-resident Indian needs bit different process compared to permanent Indian citizen. We have made every effort to cover all essential prospects which requires to be answered to NRI's, to assist make the entire experience of purchasing property in India, a long lasting memory.

2. Who is a non-resident Indian or an NRI?
An NRI or non-resident Indian is a citizen of India, but has temporarily migrated to another nation for six months or more. According to the government of India, an NRI is the one who stays away from the capital land for more than 182 days, in a year.

3. Who is a PIO?
PIO or Person of Indian Origin means an individual who:
i) held an Indian Citizenship at any time,
ii) who or whose forefather or parent grandfather was a resident of the country by merit of the Constitution of India or the Citizenship Act, 1955.

4. How many domestic and residential properties can an NRI or a PIO buy in India?
There are no set rules and limitations on the numbers of properties (except for agricultural, land/farm and plantation) that can be bought.

5. Does an NRI or a PIO need consent of The Reserve Bank to obtain residential/corporate space in India?
No. Every citizen of India is eligible to purchase property in India, despite of its residential status.

6. How should an NRI or a PIO pay for the residential immovable property under the normal consent?
The monetary transaction should be done either out of inside remittance in foreign exchange via general banking transmissions, or out of funds from NRE accounts kept up with financial institutions in India.

7. Is it possible to buy or obtain residential immovable property by way of gift?
Of course, non-resident Indians can independently purchase residential property by way of gift. But, the property must fall under the category of either residential or commercial.

8. Is there a lock in time period for investment in Indian real estate?
Presently, there is no such thing. An investor is free to convert it into money anytime.

9. Is prior RBI approval necessary for NRI/PIO to exchange their purchased properties?
Yes. RBI of India has given normal authorization for the sale of such land to the below mentioned categories:-
• To an NRI
• To a PIO (If the marketer is a PIO, then a pre approval is needed from Reserve Bank of India)

Buy

Q1. What should an investor consider when buying a residential property?
Ans.: Here are some of the things to reckon when buying a residential property:
• Check the necessary facilities such as transportation, educational institutions, health facility, market, business zone, entertainment centers, hotels, eating houses and pollution levels
• Total area of the flat
• Car parking space
• Quality of construction
• Credibility of the developer or marketer
• Adequate water and electric supply, other utilities
• Cost elements: price, taxation, registration fees, transfer fees, monthly maintenance and society costs and charges of utilities
• Expected for resale or leasing of the property
• Any other recognizing attributes or benefits of the property

Q2. What are the reasonable steps taken by an investor before purchasing property in India?
Ans. There are several steps that can be executed for safe purchase. Like broad and marketable title, physical address, whether all legal approvals have been acquired by the Constructor or Developer.

Q3. For what type of property is an NRI entitled for Property loans?
Ans. A property loan is approved to the non-residential Indian for any of the below mentioned housing finance plans of action:
• To buy a land either already-constructed, under construction or from a second party.
• For doing self-construction on a piece of property
• To provide funding for the purchase of a property allotted by a society / development authority.
• For redevelopment or reconstruction of an existing place in India.

Q4. What types of Tax Benefits do Non-Resident Indians get?
Ans: Till now, there are no tax benefits available for Non-Resident Indians unless they file returns and thus become entitled to avail of the tax benefits as cited under Property Loans.

Sell

Q5. Can a property be exchanged without the consent of the Reserve Bank?
Ans.: Yes. Reserve Bank has granted normal approval for sale of residential/commercial land. But, where other overseas resident of Indian origin buys the property, finances towards the acquisition consideration should either be payed to India or paid out of balances in non-resident accounts sustained with commercial banking establishments in India.

Q6. Can sale proceeds of such property if and when sold be remitted out of India?
Ans.: In case of sale of real estate property except of cultivation land/plantation property in India by an NRI or a PIO, the licensed trader may enable reconstruction of the sale continues out of India, given all the below mentioned conditions are contented: -
• The real estate property was obtained by the marketer in line with the actions of the exchange management norms/standards/Law in force at the time of getting, or the victuals of the Regulations composed under the Overseas Exchange Management Act, 1999;
• In the event of domestic property, the return of sale proceeds is confined to not more than 2 such places, if the land was bought from sources mentioned in NRE Account.
• The cost attempted to be returned overseas should not overstep the cost paid for acquiring of the real estate property in the foreign exchange obtained through common banking modes or out of monetary resources maintained in PIO or NRE Account. In the event of finance out of NRE account, the cost to be measured as foreign currency is equal value as on the day of payment for acquiring of the same geographical area.

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