- Commercial Projects
Owning a wonderful home in India is a fond dream in the mind of almost every Indian living abroad. However, buying a property when you're that far away can be a harrowing experience with the cumbersome process of getting legal documents in order along with approvals of the plan, layout and more. Moreover, first-hand knowledge about the chosen location is key in making your decision a viable investment. Which is why you need a reliable partner, trusted in the industry for over 20 years, by your side as you make your decisions? At Concorde, we are a dedicated team that understands the needs of a non-resident property buyer.
In the unusual event that you need more convincing, consider our accomplishments. For over two decades, the Concorde has been engaged in creating homes that are designed to include all amenities and comforts but more importantly, that are designed with true customer insight. The result is an accomplished portfolio that includes premium residential projects and turnkey solutions for national and multinational clients. With over 8 million sq. ft. of built area including homes, offices, technology parks, malls, hospitality projects and a list of clients including Wipro, Sasken, Future Group, SAP Labs and Toyota, we have made a mark in every dimension of the real estate business.
Our residential projects, be it luxury villas, apartments or penthouses, bring about a perfect marriage between aesthetic designs with functional architecture at premium locations in Bangalore, Pune, Mumbai and Goa. Now if you are interested in a Concorde property, we can help you choose the home of your choice. Please fill out the form below to indicate your preference, give us a few personal details about yourself & someone from our NRI Sales Team will get in touch with you shortly to take things forward.
Ans: Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:
Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad; OR
Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; OR
Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organisation (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP) OR
Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.
A foreign citizen is deemed to be of Indian Origin if : i) he held an Indian Passport at any time or ii) he or his father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal.
Ans: Some of the factors to consider while purchasing a flat are:
a. Locality i.e. transport, schools, hospitals, market, business district, entertainment centers, hotels, restaurants, pollution levels
b. Quoted area of the flat i.e. Carpet, Built Up Area and super Built Up Area
c. Car parking space
d. Quality of construction
e. Reputation of the builder or seller
f. Sufficient water and electric supply, other utilities
g. Cost components: price, stamp duty, registration charges, transfer fees, monthly outgoings and society charges, costs of utilities
h. Potential for resale or renting out of the property
i. Any other distinguishing features or advantages of the property
Ans: a. Market Trends about prevalent rates of property in the vicinity and last known transactions
b. Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property, as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
c. Check for approved layout plan and approved building plan with number of floors
d. Clearance from Municipality, Electricity, Water, Pollution, Lift authorities
e. Check the building bye-laws in that area to verify any issue with setback, side setback, height, etc
f. Confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges
NRI's do not require any permission to buy any immovable property in India other than agricultural / plantation property or a farmhouse
Ans: The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from any non resident accounts maintained with banks in India
Ans: There are no limits on the number of residential properties that may be bought by an NRI. However, repatriation (the process of converting a foreign currency into the currency of one's own country) is allowed only in respect of two such properties.
Ans: NRI/PIOs can without restraint rent out their immovable property, whether purchase through application of forex or otherwise, without seeking any consent from the RBI. The rental income being a current account transaction is repatriable outside India, only if proper tax is paid or provided for.
Ans:There are guidelines issued by the by the Reserve Bank of India for grant of Housing Loans to NRIs. The guidelines are:
(a)The loan amount shall not exceed 85% of the cost of the housing unit.
(b)Own contribution, which is the cost of housing unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India
(c)Reimbursement of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and/or Non-Resident Special Rupee account [NRSR] in India
Ans: Authorized dealers have been granted permission to grant loans to NRI's for acquisition of house/flat for self-occupation on their return to India 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.
Ans: Yes. Such housing loans availed in rupees can also be repaid by the close relatives in India of the borrower.
Ans: The following documents are normally to be submitted along with the application:
(a) Photocopy of the labor contract and English translation duly countersigned by your employer
(b) Latest salary certificate (in English) specifying the following: Name (as it appears in the passport) , Date of joining , Passport Number, Designation , Perquisites and salary.
(c) Photocopy of labor card/identity card
(d) Photocopy of valid resident visa stamped on the passport
(e) Photocopy of monthly statement of local bank account for the last 4 months
(f) Property related documents
Ans:An NRI can borrow against the security of immovable property from Authorized Dealer subject to following conditions:
i) The loan should be used for meeting the personal requirements or for borrower's own business purposes; and
ii) ii) loan should not be used for forbidden activities, namely; (a) business of chit fund, or (b) agriculture or plantation activities or in real estate business, or construction of farm houses, or (c) trading in Transferable Development Rights (TDRs)
(c) iii) the loan amount cannot be remitted outside India
(d) iv) repayment of loan shall be made from out of remittances from overseas or by debit to NRE/FCNR/NRO account or out of the sale profits of shares or securities or immovable property against which such loan was granted
Ans: The relaxation of FDI in the construction development sector announced in March 2006 allows NRIs, PIOs and all foreigners equal opportunity with their Indian counterparts in the Indian real estate sector. The new guidelines states that before selling, the site has to be developed, constructed upon or fulfill the criteria of minimum one year development.
i) NRIs, PIOs and foreigners can now invest in land, buy it, construct upon it or develop it, sell constructed buildings/developed plots
ii) FDI through automatic route can also flow in not just for the housing sector, but also for townships, housing, commercial area, and infrastructure development
iii) Restrictions on minimum area of land, minimum number of units has been removed
iv) Minimum constructed area required is 50, designated area is 25 acres
Ans: The norms are quite liberal. It allows you five years to finish at least 50% of your project from the date of getting all the clearances. In normal circumstances the project can be completed within three years. It helps protect the customer and keeps fly-by-night people at bay.
Ans: The automatic route has simplified much of the cumbersome investment process. Approval from the Reserve Bank is not required anymore. No need to go to the Foreign Investment Promotion Board either. The easing of paper work and relaxation of formalities has given a boost to overseas investor confidence for investing in India.
Ans: Any NRI before investing in the Indian real estate should also focus on the particular segment that he plans to invest in - like residential, retail or office space. Consulting legal firms and real estate firms providing professional NRI services can be very useful.
Ans: A lot depends on the segment you want to invest in. It helps to gauge the future state and to know what utilities are available.
i) An office market investment, for instance, requires you to:
ii) Get in touch with consultants for advice on the city of choice
iii) Outline your objectives, the size of your investments
iv) Have an approximate of the returns you are expecting.
v) The yield that has evolved from distinct parameters ranges between of 8 - 8.5% to 12% for office space and 4% - 6% in residential
vi) Whether the land is for investment or for development is also a deciding factor, as is the local demand-supply situation While investing in India, the availability and quality of infrastructure or utilities like power, connectivity, security and long-term future plans need to be scrutinized.
Ans: Single window in a real estate project in India sometimes may be difficult, because of the involvement of several authorities. If it's a multi-storied building, you need to get clearance from town planning authorities, clearance on design, elevators, fire fighting agencies, etc. Efforts are on to make the process simpler and transparent, though.
Ans: Healthy competition is important and necessary. However, in the case of FDI, joint venture definitely seems the wiser route to take as it has tremendous scope. The Indian partner would always be in a better position to provide inputs in terms of information on land and clearances, where the foreign investors can put their money, use technology judiciously and opportunities where both can complement each other.
Ans: Currently, as big foreign investors are foraying into India, their main interests have been in joint ventures. The first couple of transactions or strategies have gone this way and large joint ventures have been struck. Trends show that in the initial years, FDI inflow into real estate in India will come through joint ventures. Efforts to improve infrastructure and speed up reform processes, better tax rules, computerization of land records and more transparency have ensured enhanced investments and developments in the Indian real estate industry
Ans: The response received post relaxation of FDI in the construction and development sector has been very optimistic. This can be seen as a catalyst to investment as it would have a multiplier effect on the economy. Other sectors that will receive a boost include:
(a) Technology, associated infrastructure that will be built.
(b) Growth of associated industries such as steel, cement, building material, designers, etc.
(c) Job opportunities for unskilled, semi-skilled workers, artisans, engineers, architects and the like.
Ans:NRIs can freely rent out property (source of acquisition of property not significant)
(a) Freely repatriate rental income without prior permission.
(b) Tax deducted at source on rental income, adjust rental income against home loans If loan amount is higher, pay through NRE, NRO and FCNR accounts.
(c) Short term Capital Gains - property held for less than 3 years.
(d) Long term Capital gains - property held for more than 3 years
(e) NRIs/PIOs can take the advantage of indexing the cost of acquisition and improvement, investing of sale proceeds in special Bonds
(f) On deciding to sell the rental property the NRI can apply to the Income tax authorities for the certificate to be deducted at source
NOTE: The below stated information has been taken from the FAQs section of the Reserve Bank of India, which was last updated on the 6th April 2011. We aim to keep updating this section with relevant information from time to time, however to ensure you have the latest information, you may also visit – rbi.org. In terms of the Foreign Exchange Management Act (FEMA), 1999 a person resident outside India means a person who is not resident in India.
If a person is NRI or PIO, s/he can, without the permission from the Reserve Bank, open, hold and maintain the different types of accounts given below with an Authorised Dealer in India, i.e., a bank authorised to deal in foreign exchange. NRO Savings accounts can also be maintained with the Post Offices in India. However, individuals/ entities of Bangladesh and Pakistan require the prior approval of the Reserve Bank.
Opening of accounts by individuals/entities of Bangladesh / Pakistan nationality requires prior approval of the Reserve Bank. All such requests may be referred to the Chief General Manager-in-Charge, Foreign Exchange Department, Foreign Investment Division, Reserve Bank of India, Central Office, Mumbai - 400 001.
Yes, an individual resident can borrow sum not exceeding USD 250,000 or its equivalent from his close relatives3 staying outside India, subject to the conditions that:
i) the minimum maturity period of the loan is one year;
ii) the loan is free of interest; and
iii) the amount of loan is received by inward remittance in free foreign exchange through normal banking channels or by debit to the NRE/FCNR account of the NRI.
Note: NRIs are not permitted to invest in small savings or Public Provident Fund (PPF). B. Investment in immovable Property
NRI / PIO4 / Foreign National who is a person resident in India (citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of the Reserve Bank) may acquire immovable property in India other than agricultural land/ plantation property or a farm house out of repatriable and / or non-repatriable funds.
The payment of purchase price, if any, should be made out of
(i) funds received in India through normal banking channels by way of inward remittance from any place outside India or
(ii) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank.
Note: No payment of purchase price for acquisition of immovable property shall be made either by traveller’s cheque or by foreign currency notes or by other mode other than those specifically permitted as above.
In respect of such investments, NRIs are eligible to repatriate:
Repayment of Housing Loan of NRI / PIOs by close relatives of the borrower in India
Housing Loan in rupees availed of by NRIs/ PIOs from ADs / Housing Financial Institutions in India, can be repaid by the close relatives in India of the borrower.
Returning NRIs/PIO may continue to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India, if such currency, security or property was acquired, held or owned when resident outside India
A person resident in India who has gone abroad for studies or who is on a visit to a foreign country may open, hold and maintain a Foreign Currency Account with a bank outside India during his stay outside India, provided that on his return to India, the balance in the account is repatriated to India. However, short visits to India by the student who has gone abroad for studies, before completion of his studies, shall not be treated as his return to India.
A person resident in India who has gone out of India to participate in an exhibition/trade fair outside India may open, hold and maintain a Foreign Currency Account with a bank outside India for crediting the sale proceeds of goods on display in the exhibition/trade fair. However, the balance in the account is repatriated to India through normal banking channels within a period of one month from the date of closure of the exhibition/trade fair.
1. A Non Resident Indian (NRI) is a person resident outside India, who is a citizen of India or is a person of Indian origin. 2. A Person of Indian Origin (PIO) for this purpose is defined in Regulation 2 of FEMA Notification ibid as a citizen of any country other than Bangladesh or Pakistan, if (a) he at any time held Indian passport; or (b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b). 3. 'Close relative' means relative as defined in Section 6 of the Companies Act, 1956. 4. 'A Person of Indian Origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sir Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who (i) at any time, held an Indian Passport or (ii) who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).