Disclaimer


This disclaimer ("Disclaimer") will be applicable to the Website. By using or accessing the Website you agree with the Disclaimer without any qualification or limitation. The Company reserves the right to add, alter or delete material from the Website at any time and may, at any time, revise these Terms without notifying you. You are bound by any such amendments and the Company therefore advise that you periodically visit this page to review the current Terms.

The Websites and all its content are provided with all faults on an "as is" and "as available" basis. No information given under this Website creates a warranty or expand the scope of any warranty that cannot be disclaimed under applicable law. Your use of the Website is solely at your own risk. This website is for guidance only. It does not constitute part of an offer or contract. Design & specifications are subject to change without prior notice. Computer generated images are the artist's impression and are an indicative of the actual designs.

The particulars contained on the mentions details of the Projects/developments undertaken by the Company including depicting banners/posters of the Project. The contents are being modified in terms of the stipulations / recommendations under the Real Estate Regulation Act, 2016 and Rules made thereunder ("RERA") and accordingly may not be fully in line thereof as of date. You are therefore required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently with the sales team/ company prior to concluding any decision for buying any unit(s) in any of the said projects. Till such time the details are fully updated, the said information will not be construed as an advertisement. To find out more about a project / development, please telephone our sales centres or visit our sales office during opening hours and speak to one of our sales staff.

In no event will the Company be liable for claim made by the users including seeking any cancellation for any of the inaccuracies in the information provided in this Website, though all efforts have to be made to ensure accuracy. The Company will no circumstance will be liable for any expense, loss or damage including, without limitation, indirect or consequential loss or damage, or any expense, loss or damage whatsoever arising from use, or loss of use, of data, arising out of or in connection with the use of this website.

NRI Rule Clarity

Q. Who is a Non-Resident Indian (NRI) and Person of Indian Origin (PIO)?

Ans. Any Indian citizen staying abroad for employment or business or staying for an uncertain duration is a non-resident. Persons posted in U.N. Organizations and officials deputed abroad by Central / State Government and PSUs on temporary assignments are also treated as non-residents. Non-resident foreign citizens of Indian Origin are treated on par with NRIs for the purpose of certain facilitations.

Q. Do NRIs require permission of the Reserve Bank of India to acquire residential/commercial property in India?

Ans. No, permission is not required by non-resident Indian nationals to acquire immovable property in India.

Q. Are foreign nationals of Indian origin allowed for purchasing immovable property in India?

Ans. Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.

Q. What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission?

Ans.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 banks in India.

Q. Are there any formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India?

Ans. They are required to file a declaration in Form IPI 7 with the Central Office of the Reserve Bank of India at Mumbai 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.

Q. Can such property be sold without the permission of the Reserve Bank of India?

Ans. Yes. The Reserve Bank of India has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.

Q. Can the rental income from such property be remitted outside India?

Ans. No, such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the property owner. Restricted remittances are, however, now permitted.

Q. Can sale proceeds of such property if and when sold, be remitted out of India?

Ans. In respect of residential properties purchased on or after May 26, 1993, the Reserve bank of India considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to May 26, 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property. The Reserve Bank of India also considers repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for acquisition of commercial properties.

Q. What are the conditions required to be fulfilled for repatriation of sale proceeds?

Ans. Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final or consideration amount, whichever is later.

Q. What is the procedure for seeking such repatriation?

Ans. Application for necessary permission for remittance of sale proceeds should be made in Form IPI 8 to the Central Office of the Reserve Bank of India at Mumbai within 90 days of the sale of the property.

Q. Can foreign citizens of Indian origin acquire or dispose of residential property by way of gifting it?

Ans. Yes. The Reserve Bank of India 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 of Indian origin whether resident in India or not, provided gift tax has been paid.

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

Ans. Yes. The Reserve Bank of India has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to NRO account.

Q. Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?

Ans. The Reserve Bank of India has granted general permission to certain financial institutions providing housing finance. HDFC, LIC Housing Finance Ltd., etc., to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions.

Disclaimer:

The Information and materials Contained In this Website are Provided For reference only and are subject to change from time to time without notice.