NRI CORNER
India is considered one of the best investment destination across the world for Real Estate segment. Bangalore and Hyderabad being the most valued geographies with high return on investment.
One of the core values of ELV PROJECTS is TRUST. Maintaining transparency and frequent updates to customers have enabled us to close property deals with zero site visits as well.At ELV we understand all needs of a customer and help them in every step of finding the right property, including coordinating with third party.
We would love to assist our NRI customer in all aspects do talk to us and get a better understanding in making a wiser decision.
NRI means a person who is a citizen of India and has not been residing in India for more than 182 days during preceding financial year, or has gone out of India for the purpose of employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration.
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who has:
1 . Held an Indian Passport at any time, or
2. 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.
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who has:
1 . Held an Indian Passport at any time, or
2. 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.
NRI means a person who is a citizen of India and has not been residing in India for more than 182 days during preceding financial year, or has gone out of India for the purpose of employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration.
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who has: Held an Indian Passport at any time, or 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
Yes, NRIs/PIOs can acquire immoveable property in India other than agricultural land/farm house/plantation property i.e. residential and commercial property.
Payments can be made in Indian Rupees from funds held in non-resident accounts maintained by the NRI/PIO by any of these methods: Cheque Draft Pay Order Banker's Cheque Wire Transfer RTGS/NEFT
Yes, the Reserve Bank has granted general permission to NRIs/PIOs to acquire or dispose off commercial or residential properties by way of gift from or to a person resident in India or NRI or PIO. However, agricultural land / plantation property / farm house in India cannot be acquired by way of gift. Further, NRI / PIO can gift an agricultural land / a plantation property / a farm house in India only to a person resident in India who is a citizen of India
The Reserve Bank has granted general permission to certain financial institutions and authorized dealers for providing housing finance to NRIs/PIOs for acquisition of a house/flat subject to certain conditions. The criteria regarding quantum of loan, margin money and period of repayment will be at par with those applicable to resident Indians
Documents with the following details need to be furnished: Nationality Whether NRI or PIO (Person of Indian Origin) Residential status Passport details Complete postal & permanent address (local or overseas, as applicable) Name, address & account no. of customer's bank These details need to be produced because this is a directive by the Government of India to all builders as a mandatory requirement. Failure to furnish the details called for is an offence punishable under the Foreign Exchange Management Act, 2000.
General Power of Attorney (GPA) is an authorization given by the customer to a person if he is, owing to his professional commitments, unable to personally attend to the purchase, negotiations, registration and completion of other formalities pertaining to the apartment that he has bought. He will appoint and constitute one person known to him as agent and attorney in his name. And on his behalf, this one person will do any of the following acts deeds and things; this is given in general to do all the activities on his behalf. Power of attorney given to a person only for a specific purpose, for example, possession or registration purposes is called Specific Power of Attorney.