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Q. What is the position in respect of a person of Indian origin Resident outside India (PIO) for acquisition/ transfer of immovable property in India?

(i) A PIO does not require any specific permission to acquire any immovable property other than agricultural land/ farm house/ plantation property in India by purchase, from out of funds:

1. received in India by way of inward remittance through banking channel from any place outside India; or
2. held in any Non-Resident account maintained in accordance with the provisions of the Foreign Exchange Management Act and the regulations made by the Reserve Bank under the Act.

(ii)A PIO does not require any specific permission to acquire any immovable property in India other than agricultural land/ farm house/ plantation property by way of gift from a person Resident in India or from a person Resident outside India who is a citizen of India or from a person of Indian origin Resident outside India.

(iii)A PIO does not require any specific permission to acquire any immovable property in India by way of inheritance from a person Resident outside India who had acquired such property in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of the Regulations of FEMA or from a person Resident in India.

(iv) A person of Indian origin Resident outside India does not require any permission to transfer any immovable property in India other than agricultural land/ farmhouse/ plantation property, by way of sale to a person Resident in India.

(v) A PIO does not require any specific permission to transfer agricultural land/ farm house/ plantation property in India, by way of gift or sale to a person Resident in India who is a citizen of India.

(vi) PIO does not require any specific permission to transfer Residential or commercial property in India by way of gift to a person Resident in India or to a person Resident outside India who is a citizen of India or to a PIO.

Q. How should the purchase consideration for acquiring immovable property in India, be met?

Ans. The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from Non-Resident accounts maintained with banks in India.

Q. Can Non-Resident Indians purchase property in India through an agent or through the Power of Attorney?

Ans. The Non-Resident Indians who are staying abroad may give authority to their relatives/ agents by executing Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or developer, drafting and signing of agreements, taking possession, etc.). Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be prepared on the stamp paper bought in India.

Q.What are the provisions for remittance of sale of proceeds of any immovable property by Non-Resident Indians/ Person of Indian origin, Resident outside India?


Ans
. Repatriation outside India, including credit to RFC, NRE or FCNR account, of sale proceeds of any immovable property situated in India, requires prior permission of the Reserve Bank except in the following circumstances:

In the event of sale of immovable property other than agricultural land/ farm house/ plantation property in India by a person Resident outside India, who is a citizen of India, or a person of Indian origin, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied.

1. the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of Regulations under FEMA
2. the amount to be repatriated does not exceed

(a) the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in Foreign Currency Non-Resident account or
(b) the foreign currency equivalent, as on the date of payment, of the amount paid where such payment was made from the funds held in Non-Resident External account for acquisition of the property.
(c) In the case of Residential property, the repatriation of sale proceeds is restricted to not more than two such properties.

Reserve Bank has removed the existing lock-in-period for repatriation of the sale proceeds of immovable property purchased in India by NRIs/ PIOs. Accordingly, it will be in order for authorized dealers to allow remittace of sale proceeds of immovable property in India acquired by NRIs/ PIOs, irrespective of the period for which the property was held. The sale proceeds allowed to be repatriated should, however, not exceed the foreign exchange brought in to acquire the property.

Q. What is the position regarding Refund of purchase consideration on account of non-allotment of flats/ plots/ cancellation of bookings/ deals in respect of immovable property purchased by NRIs/ PIOs in India?

Ans. With a view to allow credit to NRE/ FCNR account of refund of purchase consideration by seller on account of cancellation of bookings/ deals for purchase of Residential, commercial property, Reserve Bank clarified that it will be in order for authorised dealers to allow Non-Resident Indians/ Persons of Indian Origin to credit refund of application/ earnest money/ purchase consideration made by the housing building agencies/ seller on account of non-allotment of flat/ plot/ cancellation of bookings/ deals for purchase of Residential commercial property, together with interest, if any (net ofincome tax payable thereon),to NRE/ FCNR account, provided, the original payment was made out of NRE/ FCNR account of the account-holder or remittance from outside India through normal banking channels and the authorised dealer is satisfied about the genuineness of the transaction.

Q. Can NRI/ PIO rent out their immovable property in India?

Ans. Yes. The NRIs/ PIOs can freely rent out their immovable property in India without seeking any permission from the Reserve Bank. The rental income being a current account transaction is freely repatriable outside India.

Q. Where can one contact with RBI for clarifications/ approvals etc. in respect of immovable property in India?

Ans. The Chief General Manager, Reserve Bank of India, Central Office, Exchange control Department, Foreign Investment Division (III),
Mumbai - 400 001

Q-Why AIPL Ambuja

A- We Promise to deliver high-quality real estate products
Deliver superior strength and aesthetically superior structures
Ensure timely delivery & strive to complete projects before schedule
Be transparent and ethical in managing all our interactions
Strive to inspire trust in our customers

Ambuja Realty:

Ambuja Realty has been providing quality housing solutions in West Bengal, in a pioneering joint venture with West Bengal Housing Board for the past 15 years under the name Bengal Ambuja.

AIPL :

AIPL, with a rich experience spanning 21 years, has been creating aesthetically designed buildings for the leading MNC's in Delhi & Gurgaon. Recently they have also launched a chain of world class malls under the brand name 'The Celebration Mall', which offers an irresistible mix of entertainment, shopping and leisure.

AIPL Ambuja

With the townships being planned in Punjab (Amritsar, Khanna and Mohali) we are looking forward to serve the NRIs who have the taste and aspiration to lead a luxurious and contemporary life in their home towns. We are catering to the NRIs who want to invest in property in India and are looking for something of international standards — something that are commensurate with their lifestyles and needs.

     
 
 
     
 
 
 
     
   
 

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