Q: Can residential/commercial property be mortgaged by NRI?
A: The sale proceeds of immovable property acquired by way of gift should be credited to NRO account only. From the balance in the NRO account, NRI/PIO may remit up to USD one million, per financial...
Q: Is repatriation of the application money for booking of flat/ payment made to the builder by NRI allowed when the flat is not allowed or the booking contract is canceled?
A: The Authorised Dealers can allow NRIs / PIOs to credit refund of application/ earnest money/ purchase consideration made by the house building agencies/ seller on account of non-allotment of flat/...
Q: How long will it take to process an application?
A: can you please mention the application name which you want to process.
Q: Do NRIs require permission to transfer any immovable property to a PIO resident outside India?
A: No specific permission is required for NRIs to transfer any immovable property in India to a person resident in India.
Q: How should purchase consideration for acquiring immovable property in India, be met?
A: The purchase consideration should be met either through inward remittances in foreign exchange through normal banking channels or out of funds from NRI accounts maintained with banks in India.
Q: What is the position regarding the refund of the purchase consideration on account of non-allotment of flats/ plots/ cancellation of bookings in respect of immovable property by NRIs/ PIOs in India?
A: With a review to all credit to NRE/FCNR account of refund of purchase considerations by the seller on account cancellation of bookings, RBI clarified that it will be in order for authorized dealers...
Q: While purchasing real estate most developers demand Power Of Attorney and transfer of immovable property in India by a person resident outside India?
A: One can choose not to grant the Power of Attorney (POA) to the developers. However, this will mandate the mailing of all documents to your foreign residence and associated time delays. A good...
Q: How can an NRI repatriate sold property freely?
A: * An NRI is eligible to repatriate the amount equivalent to the amount paid for the acquisition of the residential property in India without any approval, and the same is available for a maximum of...
Q: Where can one find regulations issued by RBI for acquisition and transfer of immovable property in India by a person resident outside India?
A: Regulations regarding acquisition and transfer of immovable property in India by a person resident outside India have been notified vide RBI Notification No. FEMA 21/2000-RB dated May 3, 2000, as...
Q: Do non-resident Indian citizen require permission of RBI to acquire residential/commercial property in India?
A: No. An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agricultural/ plantation property or a farmhouse.