NRI CORNER
Your Trusted Partner for Property Investment in India
NRI Property Investment Guide
An Indian Citizen who holds a valid Indian passport and stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident Indian (NRI). Non-resident foreign citizens of Indian Origin are treated at par with non-resident Indians (NRI).
NOW Realty's dedicated NRI Investment Desk provides comprehensive support to Non-Resident Indians looking to invest in Pune's premium real estate market.
Our NRI Services
Virtual property tours via video call, dedicated NRI relationship manager, legal and documentation assistance, Power of Attorney facilitation, NRE/NRO banking guidance, property management services post-possession, regular construction progress updates, and hassle-free possession support.
NRI CORNER
An Indian Citizen who holds a valid Indian passport and stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident Indian (NRI). Non-resident foreign citizens of Indian Origin are treated at par with non-resident Indians (NRI).
Who is a Non-Resident Indian (NRI)?
A Non-Resident Indian (NRI) is an Indian citizen who holds a valid Indian passport and resides outside India for employment, business, vocation, or any other purpose, indicating an intention to stay abroad for an uncertain period. Foreign citizens of Indian origin holding an Overseas Citizen of India (OCI) card are treated at par with NRIs for investment in immovable property in India.
Who is an Overseas Citizen of India (OCI)?
A foreign citizen eligible for OCI status if they held an Indian passport at any time, or their father/mother/grandparent was a citizen of India under the Constitution of India or the Citizenship Act, 1955.
Can NRIs / OCI Cardholders Buy Property in India?
Yes, NRIs and OCIs can purchase residential and commercial property in India. Agricultural land, farmhouses, and plantation properties are restricted.
Is There a Limit on the Number of Properties?
No, there is no limit on the number of residential or commercial properties an NRI can purchase in India.
How Can an NRI / OCI Pay for Property Purchase?
Payment must be made through NRE or NRO bank accounts in India. Foreign currency or traveler's cheques are not accepted.
Can an NRI / OCI Lease Property While Staying Abroad?
Yes, NRIs can lease out their property in India. Rental income is credited to the NRO account and is subject to Indian income tax.
Can an NRI / OCI Sell Property in India?
Yes, NRIs can sell residential property to a person resident in India, NRI, or OCI. Commercial property can be sold to a person resident in India only.
What are the rules for repatriation of sale proceeds by NRIs/OCIs?
Repatriation of sale proceeds is permitted for up to two residential properties subject to certain conditions under FEMA guidelines.
Can an NRI / OCI Avail a Home Loan in India?
Yes, most Indian banks offer home loans to NRIs with competitive interest rates. NOW Realty has tie-ups with SBI, HDFC, ICICI, and Axis Bank.
Can an NRI / OCI Gift Property?
An NRI can gift residential/commercial property to a person resident in India, another NRI, or an OCI.
Can an NRI / OCI Inherit Property in India?
Yes, an NRI/OCI can inherit any immovable property in India, including agricultural land, farmhouse, or plantation property.
Can booking amounts or refunds be repatriated?
The original investment can be repatriated provided the property was purchased through NRE/NRO accounts and all taxes have been paid.
Can NRIs or OCI cardholders authorize someone in India to complete property formalities?
Yes, NRIs can execute a Power of Attorney (PoA) authorizing a person in India to handle property transactions on their behalf.
Who Can Sell Property to Whom?
An Indian resident can sell property to any person. An NRI can sell residential/commercial property to resident Indians, NRIs, or OCIs. Agricultural land can only be sold to Indian residents.
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