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Featured Properties
  •  
    Project : Test Project
    Developer : TEST DEVELOPER Test Test
    City : Kochi
    Availability :
    Flat : a, 3543, 65444
    Other Availability :
    Other options may be available.
  •  
    Project : Limousine Homes
    Developer : Puravankara
    City : Bangalore
    Availability :
    Flat : 2 - 5 BHK, 1216 sqft+, 97 lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Crescent Parc Township
    Developer : SARE HOMES
    City : Chennai
    Availability :
    Flat : 1 - 3 BHK, 604 sq ft. +, 18lacs+
    Villa : 2 - 3 BHK, 1297 sq ft+, 38lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Amantre
    Developer : Ansal
    City : Gurgaon
    Availability :
    Flat : 3 - 4 BHK, 1830 sq ft+, 123lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : MeadowVille Township
    Developer : SARE HOMES
    City : Chennai
    Availability :
    Villa : 2 - 3 BHK, 1545 sq ft+, 48 lacs+
    Plot : , 870 sq ft+, 13 lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : ASHBERRY HOMES
    Developer : SARE HOMES
    City : Amritsar
    Availability :
    Flat : 1 - 3 BHK, 738 sq ft+, 19.92 lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Crescent ParC
    Developer : SARE HOMES
    City : Amritsar
    Availability :
    Plot : , 110 Sq yard+, 14.5 lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Godrej Infinity
    Developer : Godrej
    City : Pune
    Availability :
    Flat : 1 - 3 BHK, 670 sq ft+, 37lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Mohan Willows
    Developer : Mohan Group
    City : Mumbai
    Availability :
    Flat : 1 - 2 BHK, 660 sq ft+, 20lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Signature Heights
    Developer : MCC
    City : Ghaziabad
    Availability :
    Flat : 2 - 3 BHK, 900 sq ft+, 26lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Green Park
    Developer : Provident
    City : Coimbatore
    Availability :
    Flat : 1 - 3 BHK, 542 sq ft+, 18lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Purva Eternity
    Developer : Puravankara
    City : Kochi
    Availability :
    Flat : 3 BHK, 1595 sq ft+, 68lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Skyworth
    Developer : Provident
    City : Mangalore
    Availability :
    Flat : 2 - 3 BHK, 1091 sq ft+, 38lacs+
    Other Availability :
    Other options may be available.
  •  
    Project : Cosmo City
    Developer : Provident
    City : Chennai
    Availability :
    Flat : 2 - 3 BHK, 848 sq ft+, 29lacs+
    Other Availability :
    Other options may be available.
 
 
 
 
NRI-OCI Info
NRI-OCI Buyers & Sellers Guide

Non- Resident Indian (NRI) : Non-Resident Indian (NRI) is a citizen of India usually resident outside India.


Person of Indian Origin (PIO) : A ‘Person of Indian Origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sir Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:

 
At any time, held an Indian Passport or
Who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

 

Acquisition and Transfer of Immovable Property in India by NRI-OCI
Purchase of immovable property
A NRI/PIO can acquire by way of purchase any immovable property (other than agricultural land/plantation property/ farm house) in India.
 
Gift/Inheritance of immovable property
A NRI/PIO may acquire any immovable property (other than agricultural land/plantation property/farm house) in India by way of gift from a person resident in India or a NRI or a PIO.
A NRI/PIO may acquire any immovable property in India by way of inheritance from a person resident in India or a person resident outside India who had acquired such property in accordance with the provisions of the foreign exchange law in force or FEMA regulations, at the time of acquisition of the property.
 
Transfer of immovable property
A NRI/PIO may transfer any immovable property (other than agricultural land or plantation property or farm house)in India by way of gift or sale to a person resident in India or to a NRI/PIO.
 
Payment for acquisition of immovable property
NRI/PIOs can make payment for acquisition of immovable property (other than agricultural land/plantation property/farm house) out of :
Funds received in India through normal banking channels by way of inward remittance from any place outside India or by debit to their NRE/FCNR(B)/NRO account.
Such payments cannot be made either by traveller’s cheque or by foreign currency notes or by other mode except those specifically mentioned above.
 
Documents
A NRI/PIO who has purchased residential/commercial property under general permission is not required to file any documents with the Reserve Bank.
 
Repatriation of Sale Proceeds of Immovable Property
Immovable Property Acquired by way of Purchase
In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a NRI or PIO, the Authorised Dealer may allow repatriation of the sale proceeds outside India, provided the following conditions are satisfied, namely
 
The immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations &
The amount to be repatriated does not exceed
The amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels, or
The amount paid out of funds held in Foreign Currency Non-Resident Accountor
The foreign currency equivalent (as on the date of payment) of the amount paid where such payment was made from the funds held in Non-Resident External account for acquisition of the property.
 
Immovable Property Acquired by way of Inheritance/Legacy/out of Rupee Funds
A NRI/PIO is allowed to remit subject to production of documentary evidence in support of inheritance or legacy of assets by the remitter and a tax clearance/no objection certificate from the Income Tax Authority for the remittance.
 
Remittances Ceiling
Remittances exceeding US $ 1,000,000 (US Dollar One million only) in any financial year requires prior permission of the Reserve Bank.
Where the remittance as above is made in more than one instalment, the remittance of all such instalments shall be made through the same Authorised Dealer.
 
Refund of Purchase Consideration
Refund of application/earnest money/purchase consideration made by the house building agencies/builder/seller on account of non-allotment of flat/plot/cancellation of bookings/deals for purchase of residential/commercial property, together with interest, if any (net of income tax payable thereon) is allowed by way of credit to NRE/FCNR (B) account, provided the original payment was made out of NRE/FCNR (B) account of the account holder or remittance was made from outside India through normal banking channels.
 
Other Information
Rent & Rental Income
Reserve Bank has granted general permission for letting out any immovable property in India to NRI/PIOs. The rental income or proceeds of any investment of such income are eligible for repatriation after payment of applicable taxes.
 
Loans in India for Buying Immovable Property
Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, HSBC, Citibank, LIC Housing Finance Ltd., etc. and authorized dealers to grant housing loans to NRI/PIOs for acquisition of a residential property. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the investors' NRE/FCNR/NRO accounts.
 
Disclaimer : The info mentioned herein is of generic nature. Rules & regulations keep on changing from time to time. RRJ Estates will try to provide current content on this website, but it accepts no responsibility that the infomentioned herein is current.