NRI Services

Lords Creative Group provides NRI Services for those who would like to Invest/ buy a property in India.
As Indian Economy basks in the light of the real estate boom. NRIs are seeking to invest their foreign Currency in Indian climbing property market from where they can buy/sell properties for the best capital value appreciation.



FAQs

+ Do non-resident Indian citizens require permission of Reserve Bank to acquire residential / commercial property in India?

An Indian citizen residing outside India does not require any permission to acquire any immovable property in India other than agricultural / plantation property or a farmhouse.

+ Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use?

Yes. However, 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 separate permission of Reserve Bank.

+ In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NTE / FCNR accounts maintained with banks in India.

+ What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?

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.

Get in touch

Lords Creative Group

810, 8th Floor, Aggarwal Corporate Heights,

Netaji Subhash Place,

Pitampura, Delhi-110034, India.

Call: 011-47601013, 47601014

E-mail:info@lordscreativegroup.com