The Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI – “An Indian citizen who holds a valid document like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI.”
We have curated this section for NRI’s who are interested in buying and/or selling properties and are interested in investing in properties in India. We also have a dedicated team for the same. Our main objective behind this is to assist you in addressing any issues or uncertainties you may have regarding NRI property investment.
Kindly review the following points and contact us if you require further clarification. As professionals, we are committed to providing you with the best possible service.
Legal Information
(Law and Procedure)
Below, we have gathered fundamental legal details to aid you in purchasing a home/property in India.
- Non-resident Indians holding Indian passports do not require any permission from RBI for acquiring immovable property for bona-fide residential purposes.
- Non-resident Indians holding Indian passports may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.
- Non-resident Indians are also advised to get a copy of the title report by the solicitor of the property. Make sure that there are no conditions written in fine print and that there are no specific reservations made by the state government.
- Look for specific clearance reports. For instance, if the construction is near a seafront, you will need to check for a Coastal Regulation Zone (CRZ) clearance. If the project is being constructed over or in the close vicinity of a heritage building, you must check for any heritage reservations for the premises. The idea is to ensure that you do not get stuck with a property that is or may get caught in any sort of disputes. Lack of clearance of titles also means that you will not be able to avail home loans. By keeping in mind these major points mentioned above, Rising Spaces makes NRI property investment in Pune clear, simple, and hassle-free.