At Ariisto, we firmly believe in putting our clients' every need first – every aspect is given careful consideration, whether it's our environmentally conscious projects or our dedication to the simple, yet often overlooked aspect of staying true to our promises made to you. In addition to our assurance of superior quality, we incorporate an element of pride and distinction with every home and office space we build. Our projects offer you future-proof developments with the best world-class amenities and high quality construction. Therefore, it comes as no surprise that Ariisto properties are some of the most attractive, eco-friendly and sought-after homes.
At Ariisto, we also prioritize the needs & concerns of our NRI clientèle. It's important to us that you have an easy and well-informed experience in addition to availing of our exclusive deals and quality products.
In order to address your immediate concerns, you may refer to the following questions. For further assistance, our team will be able to assist you with advisory expertise.
Do non-resident Indians require require the permission of the Reserve Bank of India (RBI) to purchase residential/commercial property?
Do foreign citizens of Indian origin require the permission of the RBI to purchase property for residential use?
No. The RBI has granted general permission to foreign citizens of Indian origin to purchase property in India for their residential use.
In what manner should the consideration for property be paid by foreign citizens of Indian origin?
The purchase consideration for the property has to be made only from funds that have been remitted to India through normal banking channels.
Alternatively, they can pay the sale consideration from funds held in a non-resident (external) rupee account (NRE) or non-resident (ordinary) account (NRO) or non resident (foreign currency) account (FCNRB).
Can the property be purchased via a Power of Attorney?
Yes, but the Power of Attorney must be executed on stamp paper before the proper authorities overseas. The Power of Attorney cannot be executed with stamp paper bought in India.
What are the formalities required to be completed by foreign citizens of Indian origin for purchasing property?
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.
Can the property be given on rent?
Yes, the RBI has given special permission for letting out property in India.
Can the property be sold without the permission of the Reserve Bank of India?
Yes. 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.
Can the sales proceeds of the sale be remitted out of India?
In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the original investment 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.
Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?
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.
Can NRIs obtain loans for residential properties from established from financial institutions providing housing finance?
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.