Non Resident Indians are an essential part of our vast customer base. With our enriched experience in the real estate industry we provide the necessary information required by NRIs for the acquisition of residential and commercial property in Bangalore, India.
FAQ's
Q: Who is a non-resident
Indian?
A: An Indian citizen who stays abroad for employment/carrying
on business or vocation outside India or stays abroad under circumstances
indicating an intention for an uncertain duration of stay abroad
is a non-resident. (Persons posted in UN organisations and officials
deputed abroad by Central/state governments and public sector
undertakings on temporary assignments are also treated as non-residents).
Non-resident foreign citizens of Indian origin are treated on
par with non-resident Indian citizens (NRIs).
Q: Who is a person of
Indian origin?
A: For investments in immovable properties A
foreign citizen (other than a citizen of Pakistan, Bangladesh,
Afghanistan, China, Iran, Bhutan, Sri Lanka, or Nepal) 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 (57 of 1955).
Q: What is an OCB?
A: Overseas Corporate Bodies (OCBs) are bodies
predominantly owned by individuals of Indian nationality or origin
resident outside India and include overseas companies, partnership
firms, societies and other corporate bodies which are owned, directly
or indirectly, to the extent of atleast 60 per cent by individuals
of Indian nationality or origin resident outside India as also
overseas trusts in which atleast 60 per cent of the beneficial
interest is irrevocably held by such persons. Such ownership interest
should be actually held by them and not in the capacity as ~ nominees.
The various facilities granted to NRIs are also available with
certain exceptions to OCBs so long as the ownership/beneficial
interest held in them by NRIs continues to be atleast 60 per cent.
Q: Are OCBs required
to produce any certificate regarding ownership/beneficial interest
in them by NRIs?
A: Yes. In order to establish that the ownership/beneficial
interest in any OCB held by NRIs is not less than 60 per cent,
the concerned body/trust is required to furnish a certificate
from an overseas auditor/chartered accountant/certified public
accountant in form OAC where the ownership/beneficial interest
is directly held by NRIs, and in form OAC 1 where it is held indirectly
by NRIs and further that such ownership interest is actually held
by them and not in the capacity as nominees.
Q: What are the various
facilities available to NRIs/OCBs?
A: NRIs/OCBs are granted the following facilities :
Maintenance of bank accounts in India.
Investments in securities/shares of, and deposits with, Indian firms/companies.
Investments in immovable properties in India.
INVESTMENT IN IMMOVABLE PROPERTY
Q: Do non-resident Indian
citizens require permission of Reserve Bank to acquire residential/commercial
property in India?
A: No. An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agricultural/plantation property or a farm house. However 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.