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.