NRI Corner

Established in 1995, Pride Group has been instrumental in transforming the cityscapes across Pune, Mumbai and Bengaluru through our bold & contemporary designs, the highest attention to detail, and enviable engineering excellence. With a clear distinction of being innovative and trustworthy, we are leading the way in residential & commercial space development with our uncompromised ethical standards and a professional outlook. We are committed to design, develop, construct and market residential & commercial spaces that consistently exceed expectations –Building Tomorrow, Today! NRIs looking for real estate investment in India can bank on our two decades of expertise to get advice on the most important issues and aspects of investing in Indian real estate. Over the years, NRIs have found our offerings extremely attractive and lucrative for various reasons including global quality, high returns over investment and the trustworthiness of the Pride brand. We have a dedicated team of experts to help you with all real-estate related know-how and procedures. Our team ensures a smoother and hassle-free investment experience while zeroing in on the best investment opportunities in India for NRIs.

The Indian real estate market, especially Pune, offers a lot of investment opportunities for NRIs. With attractive financial schemes and impressive ROIs, it is the prime time to invest in trusted developers in Pune, like us. Whether you are looking for property for sale in Pune or just curious about our new constructions, tell us your requirement and we will certainly get back to you with the best solution. As an NRI you need following documents to buy a property in India:

  • Power of attorney in someone’s name who can carry out legal & financial proceedings on your behalf in India
  • PAN Card or passport (in case PAN card is not available)
  • An NRE or NRO account via which you can transact

Under the RBI guidelines, the following categories can freely purchase immovable property in India:

  • Non-Resident Indian (NRI) - Citizens of India residing outside India
  • Person of Indian Origin (PIO) - Individuals (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who:
    • At any time, held Indian passport, or
    • was a citizen of India by birth or otherwise by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

The general permission, however, covers only purchase of residential and commercial property.

The general permission is not available to NRI/PIO for purchasing agricultural land/plantation/farm house in India. However, thorough specific approval of Reserve Bank such proposals are considered in consultation with the Government of India.

Owners are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.

Acquiring property does not fall under the inclusion of income tax. However, any income accrued from the ownership - rent or capital gain arising out of the sale of such property is taxable.

Rental income earned is taxable in India, and in such cases owners need to obtain a PAN and file return of income. On sale of the property, the profits on sale form capital gains and hence subject to tax return filing.

In case NRI/POI pays any tax on capital gains arising in India, he would normally be able to obtain a tax credit in respect of the taxes paid in India in his home country, because the income in India would also be included in the country of residence. The amount of the tax credit is dependent on the laws of the home country where the tax payer is currently a tax resident.

The general permission has been granted by the Reserve Bank for sale of acquired property. However, where the property is purchased by another NRI/POI, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.

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 instalment of consideration amount, whichever is later.

RBI has granted some general permission to certain financial institutions providing home loans and authorized dealers to grant housing loans to NRI nationals for self-occupation, subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.

A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter.

89565 05101 ...