UnlockING India For NRIs
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NRI Corner
India stands as a global hotspot for real estate investments, notably in Bangalore and Hyderabad, offering high returns on investments.
At ELV PROJECTS, trust and transparency stands as our core values. We provide frequent updates to facilitate property deals, without the need for physical site visits.
For our esteemed NRI clientele, ELV is committed to offering comprehensive assistance at every step. Engage with us to make informed and prudent real estate decisions.
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NRI Corner
Documentation Support [Legal & Banking]
At ELV PROJECTS, we are committed to providing comprehensive assistance throughout the documentation process, ensuring a smooth property buying experience. Benefit from expert support in the following areas:
- Sale Agreement
- Payment Receipts
- Demand Letters
- Third-Party Legal Consultation
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Investing in Bengaluru: A Smart Choice for UAE-Based NRIs
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Thriving IT Hub
Bengaluru stands at the forefront of India’s technological revolution, hosting numerous IT companies and startups. NRIs from the UAE can leverage this dynamic environment by investing in properties strategically located near tech parks and business districts, ensuring long-term appreciation and rental yields.
Stable Real Estate Market
Bengaluru has maintained a stable and steadily growing real estate market. The city’s property values have demonstrated resilience, making it an attractive option for NRIs seeking a secure investment climate. The consistent demand for housing and commercial spaces contributes to a positive investment outlook.
Excellent Infrastructure
Bengaluru boasts world-class infrastructure, with well-planned roads, public transport, and amenities. The city’s commitment to urban development enhances the quality of life, making it an enticing prospect for NRIs looking for properties that align with international standards.
Educational and Healthcare Facilities
Bengaluru is renowned for its top-notch educational institutions and healthcare facilities. NRIs with families can find comfort in knowing that their investment provides access to excellent schools, colleges, and medical services, adding a layer of convenience and long-term value.
Diversified Investment Options
Bengaluru’s real estate landscape offers a diverse range of properties, from luxury apartments to gated communities and commercial spaces. NRIs can choose investments that align with their financial goals and preferences, providing flexibility in building a well-rounded portfolio.
Favorable Regulatory Environment
Thriving IT Hub
Bengaluru stands at the forefront of India’s technological revolution, hosting numerous IT companies and startups. NRIs from the UAE can leverage this dynamic environment by investing in properties strategically located near tech parks and business districts, ensuring long-term appreciation and rental yields.
World-Class Infrastructure
Our properties offer excellent infrastructure, aligning with international standards, and ensuring a seamless living experience.
Diverse Investment Choices
ELV presents diverse property portfolios from luxury to commercial spaces, empowering NRI customers to build lucrative and diversified investment portfolios.
Favourable Regulatory Support
Benefit from ELV’s simplified property acquisition and fund repatriation processes, supported by India’s favourable regulations.
High Returns Potential
ELV’s Bengaluru properties offer potential high returns, leveraging the city’s growth for lucrative investment opportunities for UAE NRIs.
NRI Guide
Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain permission of Reserve Bank.
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.
They 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.
Yes. Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.
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 installment of consideration amount, whichever is later.
Applications for necessary permission for remittance of sale proceeds should be made in form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.
Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, subject to compliance with applicable tax laws.
Yes. General permission has been granted by Reserve Bank to non-resident persons (foreign citizens) of Indian origin to transfer by way of gift immovable property held by them in India to relatives and charitable trusts/organizations subject to the condition that the provisions of any other law, including Foreign Contribution (Regulation) Act, 1976, as applicable, are duly complied with.
Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers' NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26th May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.
Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.
Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc., and authorized dealers to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the investors' NRE/FCNR/NRO accounts.
Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passports subject to certain conditions.
Yes. However, in such cases the payment of margin money and repayment of the loan installments should be made by the NRI borrower.