NRI

It is always a great feeling to know that you have a place of your own to retreat when homeland beckons. Rajkot is not just an emerging real estate hub, but it is also becoming a preferred choice for NRIs to invest in property. Some of the reasons that make Rajkot a favorite real estate destination amongst the Indian diaspora are:

  • Shift of economic growth from tier I cities to tier II and tier III cities

  • Rapidly growing industrial and manufacturing sector

  • Increase in youth population, thereby increasing demand for residential spaces

  • Well developed infrastructure, less pollution compared to large cities

  • Ever increasing demand for rental properties due to fast urban developement

frequently asked questions

An Indian Citizen who stays abroad for employment or is carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an non- resident Indian is an NRI. Person who is not resident in India for a period over 182 days is a non-resident Indian. Persons posted in U.N. organizations and officials deputed abroad by Central/State governments and Public Sector undertakings on temporary assignments are also treated as non-residents.

Person of Indian Origin (PIO) refers to a foreign citizen who held an Indian Passport at any point in time or whose parents/grandparents/great grandparents were citizens of India.

No. Since, NRIs and PIOs are covered under the general permission for purchase and transfer of residential and/or commercial property, no documents are required to be filed wit the Reserve Bank of India (RBI).

In case of a foreign national, sale proceeds can also be repatriated even if the property is inherited from a person resident outside India. But this is allowed only with prior approval of Reserve Bank.

Yes. However, the Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in or abroad, to purchase immovable property in for their bonafide residential purpose.

Yes, an NRI can borrow from an Indian Company subject to the following terms and conditions: The loan can be granted only for personal use. The loan can be granted for purchasing a housing property in India. The loan shall be granted according to the Staff Housing Loan Scheme

Yes. General permission has been granted by Reserve Bank to NRIs and PIOs to transfer by way of gift immovable property held by them in India to relatives and chartiable trusts/organisations subject to compliance of the condition the provisions of other applicable laws.

Yes. Reserve Bank has granted general permissions for letting out any immovable property in India. The rental income or proceeds of any such income are eligible for repatriation subject to payment of taxes and production of a certificate issued by a chartered accountant with the guidance of an Authorised Dealer such as a bank for completion of formalities.

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 installment of consideration amount, whichever is later.

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