Well look no further. Backed by a team of professional builders, developers, architects and highly experienced interior designers, you can be assured to receive the best service for building, developing, architecture, civil work and interior designing by prioritising stringent quality control and customer satisfaction. To offer Real Estate solutions to our esteemed NRI clients, we at bookmyplot, have assigned a dedicated team who are eager to serve them with indomitable enthusiasm and advisory expertise. This page is specifically created for NRI’s to provide answers for some of the most frequents asked questions (FAQ’s) and provide solutions to your queries or concerns on procuring a property in India.
A NRI is a Person Resident outside India who is a citizen of India or a Person of Indian origin. A Person resident outside India is a person who has gone out of India or who stays outside India, in either case for or on taking up employment outside India, or For carrying on outside India a business or vocation, or For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period
No. 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 farmhouse.
Yes, However, Reserve Bank of India has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to acquire immovable property in India for their bonafide residential purpose. They are, therefore, not required to obtain separate permission of The Reserve Bank of India. They are required to file a declaration in form IPI 7 with Central Office of Reserve Bank within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid. Hence 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: – Received in India by way of inward remittance through banking channel from any place outside India OR – 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.
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/ FCNR accounts maintained with bank in India.
All requests for acquisition of agricultural land/plantation property / farmhouse 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 400 001.
Yes, repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26th May 1993 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 instalment of consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8
Yes, Reserve Bank has granted general permission to foreign citizens 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 whether resident in India or not, provided gift tax has been paid.
Yes. The NRIs / PIOs can freely rent out their immovable properties in India without seeking any permission from the Reserve Bank of India. Reserve Bank has granted general permission for letting out any immovable property in India.
Yes, General permission has been granted by Reserve Bank to non-resident persons (foreign citizen) of Indian Origin to transfer, by way of gift, immoveable property held by them in India to relatives and charitable trusts / organizations subject to the condition that the provisions of all other laws, as applicable are complied with.
Reserve Bank has granted general permission to certain financial institutions deals in housing finance to grant housing loans to non-resident Indians for acquisition of houses/flats for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors NRE / FCNR / NRO accounts.
Yes, However in such cases the payment of margin money and repayment of loan instalments should be made by the NRI borrower.
Documents such as Passport, Residential proof and PAN card are required. At Bookmyplot we have an in house legal cell department for verification / preparation of documents while purchasing /sale of property, this will be beneficial to our customers to save their time and also to make their documents perfect without any further disturbances. While registering the plot, we take the complete details of our customers and will make sure of document preparation through professional legal writers to proceed further in process of registration of a particular plot. We do document preparation both nationally and internationally.