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NRI Services

 


NRI Investment in Property in India


NRI Services NRI Investment in Property in India India is fast emerging the Economic Hub of the world. Gurgaon City, near to the Capital New Delhi, is one of major developing economic centers in the world. Most of the MNC's established in India are having their base in Gurgaon. Some of the big names are Coca Cola, Pepsi, Sony, Honda, Maruti, IBM, American Express, Frito-Lays and lots more. The reasons behind that are Global Connectivity, Major IT/Software Centers of India based in Gurgaon, Close to International Airport, Express highway coming up, Lots of High class luxury residential & shopping complexes and Five Star Hotels in the City. New liberalized policies of Govt. of India for investment by NRI's in real estate have made things easier. Investment in Real Estate in Gurgaon has big potential not only as it is part of the National Capital Region but also you gain in all aspects.
Below are some of the points which an NRI should keep in mind while investing in India:

Every person, whether resident in India or outside India, who are citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan require prior permission of Reserve Bank for acquiring or transferring any immovable property in India.
A person resident outside India, who has been permitted by Reserve Bank to establish a branch, or office, or place of business in India (excluding a Liaison Office), has general permission of Reserve Bank to acquire immovable property in India, which is necessary for, or incidental to, the activity. However, in such cases a declaration, in prescribed form (IPI), is required to be filed wit the Reserve Bank, within 90 days of the acquisition of immovable property.
An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agricultural/plantation property or a farm house.
An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agricultural/plantation property or a farm house.
An Indian citizen resident outside India does not require any permission to transfer any immovable property other than agricultural or plantation property or farm house, to a person who:-
1)  is a citizen of India resident outside India, or
2)  is a person of Indian origin resident outside India.
A person of Indian origin resident outside India does not require any permission to acquire any immovable property other than agricultural land/farm house/plantation property in India by purchase, from out of funds:
1)  received in India by way of inward remittance through banking channel from any place outside India, or
2)  held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made
     by the Reserve Bank under the Act.
A person of Indian origin resident outside India does not require any permission to acquire any immovable property in India other than agricultural land/farm house/plantation property by way of gift from a person resident in India or from a person resident outside India who is a citizen of India or from a person of India origin resident outside India.
A person of Indian origin resident outside India does not require any permission to acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property 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 or from a person resident in India.
A person of Indian origin resident outside India does not require any permission to transfer any immovable property in India other than agricultural land/farm house/plantation property, by way of sale to a person resident in India.
A person of Indian origin resident outside India does not require any permission to transfer agricultural land/farm house/plantation property in India, by way of gift or sale to a person resident in India who is a citizen of India.
A person of Indian origin resident outside India does not require any permission to transfer residential or commercial property in India by way of gift to a person resident in India or to person resident outside India who is a citizen of India or to a person of India origin resident outside India.
Repatriation outside India, including credit to RFC, NRE or FCNR account, of sale proceeds of any immovable property situated in India, requires prior permission of the Reserve Bank except in circumstances stated in paragraph 13 below.
In the event of sale of immovable property, other than agricultural land/farm house/plantation property in India by a person resident outside India, who is a citizen of India, or a person of Indian origin, the authorised dealer may allow repatriation of the sale proceeds outside India, provided All the following conditions are satisfied:-
1)  the immovable property was acquired by the seller in accordance with the provisions of the Exchange Control
     Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the
     Foreign Exchange Management Act, 1999;
2)  the sale takes place after three years from the date of acquisition of such immovable property or from the date of
     payment of final installment of consideration for its acquisition, whichever is later;
3)  the amount to be repatriated does not exceed
     a)  the amount paid for acquisition of the immovable property in foreign exchange received through normal banking
          channels or out of funds held in foreign currency non-resident account or
     b)  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;
4)  in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.
All requests for acquisition of agricultural land/plantation/property/farm house by any person resident outside India or foreign nationals may be made to the- Chief General Manager, Reserve Bank of India, Central Office, Exchange Control, Department, Foreign Investment Division (III), Mumbai - 400001.
The NRIs/PIOs can freely rent out their immovable property in India without seeking any permission from the Reserve Bank. The rental income being a current account transaction is freely reportable outside India. P.S- For the purposes of transactions, i.e., transfer, sale, purchase, etc., dealing with immovable property in India, a person of Indian origin is defined as under: "an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who at any time, held Indian passport; or who or either of whose father or whose grandfather was a citizen of India by virtue of the constitution of India or the Citizenship Act, 1955 (57 of 1955)."


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