Nri Services

Our satisfied clients are spread all over the Globe. We facilitate Original Bookings, Re-Sale and leasing/renting of properties for our clients residing in various continents and countries in a totally transparent manner. In addition the services of our advocate are available for those who need to get their “Power Of Attorney” registered in favour of their relatives in India. Non-Resident Indian (NRI) is a citizen of India resident outside India. A „Person of Indian Origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sir Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who ♣ at any time, held an Indian Passport or ♣ who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The Reserve Bank does not determine the residential status. The onus is on an individual to prove his / her residential status, if questioned by any authority. 1. Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes. 2. Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account. Note: Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan cannot acquire or transfer immovable property in India, (other than on lease not exceeding five years) without the prior permission of the Reserve Bank.
	Who can purchase immovable property in India ?

	Under the general permission available, the following categories can purchase immovable property in India: i) Non-Resident Indian (ii) Person of Indian Origin The general permission, however, covers only purchase of residential and commercial property and is not available for purchase of agricultural land / plantation property / farm house in India.


	Can NRI/PIO acquire agricultural land/ plantation property / farm house in India?

	No.


	Are any documents required to be filed with the Reserve Bank after the purchase?

	No. An NRI / PIO who has purchased residential / commercial property under general permission, is not required to file any documents/reports with the Reserve Bank.


	How many residential / commercial properties can NRI / PIO purchase under the general permission?

	There are no restrictions on the number of residential / commercial properties that can be purchased.


	Can a foreign national of non-Indian origin be a second holder to immovable property purchased by NRI / PIO?

	No.


	Can a NRI/PIO acquire immovable property in India by way of gift?

	(a) Yes, NRIs and PIOs can freely acquire immovable property of commercial and residential nature only by way of gift either from a Resident Indian,NRI or a PIO


	Can a non-resident inherit immovable property in India?

	Yes, a person resident outside India i.e. an NRI or a PIO can inherit and hold immovable property in India from a person who was resident in India.


	Can an NRI/ PIO sell his residential / commercial property?

	An NRI can sell property in India to a person Resident in India , another NRI or a PIO. A PIO can also do the same with prior approval of RBI


	Can a non-resident owning / holding an agricultural land / a plantation property / a farm house in India sell the said property?

	NRI / PIO may sell agricultural land /plantation property/farm house to a person resident in India who is a citizen of India.


	Can a non-resident gift his residential / commercial property?

	Yes the property can be gifted to a Resident Indian/NRI or a PIO . However an agricultural land / a plantation property / a farm house in India can be gifted only to a person resident in India who is a citizen of India.


	Can residential / commercial property be mortgaged in India by NRI/ PIO?

	i) NRI / PIO can mortgage a residential / commercial property to the housing finance institution in India without the approval of Reserve Bank


	How can an NRI / PIO make payment for purchase of residential / commercial property in India?

	Payment can be made by NRI / PIO out of: (a)Funds remitted to India through normal banking channels or (b) funds held in NRE / FCNR (B) / NRO account maintained in India No payment can be made either by traveller‟s cheque or by foreign currency notes or by other mode except those specifically mentioned above.


	Can NRI / PIO, avail of housing loan in Rupees from approved Housing Finance Institution in India for purchase of residential accommodation or for the purpose of repairs / renovation / improvement of residential accommodation and how can such loan be repaid?

	Yes, NRI/PIO can avail of housing loan in Rupees from a Housing Finance Institution subject to Foreign Exchange Regulations as prevailing. Housing Finance Institutions can also lend to the NRIs/ PIOs for the purpose of repairs/renovation/ improvement of residential accommodation owned by them in India. Such a loan can be repaid (a) by way of inward remittance through normal banking channel or (b) by debit to the NRE / FCNR (B) / NRO account of the NRI / PIO or (c) out of rental income from such property.


	Can NRI / PIO repatriate outside India the sale proceeds of immovable property held in India?

	In the event of sale of immovable property other than agricultural land / farm house / plantation property in India by a NRI / PIO, repatriation of the sale proceeds is allowed outside India, provided the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange rules in force at the time of acquisition by him and the amount to be repatriated does not exceed the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels. Also in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.


	Can an NRI/PIO repatriate the proceeds in case the sale proceeds were deposited in the NRO account?

	NRI/PIO may repatriate up to USD one million per financial year (April-March) from their NRO account which would also include the sale proceeds of immovable property. There is no lock in period for sale of immovable property and repatriation of sale proceeds outside India.


	If a loan was taken by the NRI/ PIO from a Housing Finance Institution in India for purchase of residential property can the NRI / PIO repatriate the sale proceeds of such property?

	Yes, repatriation of sale proceeds is allowed for residential accommodation purchased by NRIs/ PIOs out of funds raised by them by way of loans from the housing finance institutions to the extent such loan/s repaid by them are out of the foreign inward remittances received through normal banking channel or by debit to their NRE/FCNR accounts. The balance amount, if any, can be credited to their NRO account and the NRI/PIO may repatriate up to USD one million per financial year (April-March) subject to payment of applicable taxes from their NRO account balances which would also include the sale proceeds of the immovable property.


	Can NRI / PIO rent out the residential / commercial property purchased out of foreign exchange / rupee funds?

	Yes, NRI/PIO can rent out the property without the approval of the Reserve Bank. The rent received can be credited to NRO / NRE account or remitted abroad. FOR MORE DETAILS PLEASE VISIT THE WEBSITE OF RESERVE BANK OF INDIA or CONSULT WITH YOUR CHARTERED ACCOUNTANT/ FINANCIAL ADVISOR

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Nri Services

Non-Resident Indian (NRI) is a citizen of India resident outside India.