Ongoing Projects

The latest project Mahalaxmi Lotus is once again a marvel, located at Narendra Nagar, the fastest developing area in Nagpur the surrounding is an advantage which makes the project and location more distinct.
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Upcoming Projects

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Help Desk

NRI Corner / FAQs

Can the owner sell such property without the permission of Reserve Bank?

Yes, general permission for sale of such property has been granted by the Reserve Bank. However, if the property has been purchased by another NRI, then the funds towards the purchase consideration should either be remitted to India or paid out in NRE/FCNR accounts.

Can the sale proceeds of such property be remitted out of India?

The Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property. The balance amount of sale proceeds will have to be credited to the ordinary non-resident rupee account of the owner of the property.

What are the conditions to be fulfilled if repatriation of sale proceeds is desired?

Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed from the date of payment of final instalment of consideration amount.

What is the procedure for seeking such repatriation?

Applications for permission for remittance of sale proceeds should be made via IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.

Is it possible for an NRI to acquire or dispose of residential property by way of gift?

General permission has been granted by the Reserve Bank to a foreign citizen of Indian Origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian Citizen or a person of Indian origin. This is subject to compliance with applicable tax laws.

Can foreign citizen of Indian Origin acquire commercial properties in India?

Under the general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreign citizen of Indian Origin provided the purchase consideration is met either out of inward remittance in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in Form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.

Sale proceeds of such property be remitted out of India?

Repatriation of original investment in respect of properties purchased by foreign citizen of Indian Origin will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount. Application for the purpose is to be made to the Central Office of Reserve Bank within 90 days of the sales of property in Form IPI 8.

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

Reserve Bank grants permission for letting out any immovable property in India. The rental income or proceeds of any investment are eligible for repatriation.

Can Indian companies grant loans to their NRI staff?

Reserve Bank permits Indian Firms/Companies to grant housing loans to their employees deputed abroad and holding Indian passports subject to certain conditions.

What are the criteria regarding NRIs availing home loans in India?

According to the Reserve Bank guidelines for NRIs, the loan amount shall not exceed 85% of the cost of the dwelling unit. The cost of the dwelling unit financed less the loan amount can be met from direct remittances from abroad only through normal banking channels in India (your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR]). Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels in India.