September 25, 2016

NRI

INDIA REAL ESTATE

      The Real Estate Sector, as an engine of the nation’s growth, can be gauged from the fact that it is the second largest employer next only to agriculture and its size is close to US $ 12 billion and grows at about 30% per annum. Five per cent of country’s  GDP is Contributed by the housing sector. The Real Estate industry has significant linkages with several other sectors of the economy and over 250 associated industries.                

    India  has  an  urban   ratio  of 26%  as  against 40 percent in the developed countries and about 550 million Indians are below the age of 25, a 10% yearly growth is expected in the 12th plan with the increasing urbanization,  Indian  real   estate Industry  has to meet numerous challenges in the time to come.

PERMISSION FOR PURCHASE OF RESIDENTIAL PROPERTY / COMMERCIAL PROPERTY.

Reserve Bank of India (RBI) Guideline on NRI Investment

NRIs holding Indian passports — No permission required

NRIs holding foreign passports — Intimation to RBI via form 

IPI - 7 within 90 days of purchase of property or final payment of consideration. 

Funds through NRE/NRO accounts.

SALE OF PROPERTY

Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.