Pune is fast-emerging as one of the major economic hub in the country, significantly contributing to India's global rise. Several MNC's including the world's biggest automobile companies, IT superpowers and many others have established a base in Pune. The past decade has witnessed a rapid change in the urban skyline of Pune and its surrounding areas, leading to an exponential growth in the residential housing sector as well as other social infrastructure necessities such as retail, health care and education.
As a result of which, several NRIs from around the world have taken a keen interest in investing in real estate in Pune. Liberalized policies by the Indian government for NRI investments in real estate have also made things easier. Property management services and the risk free handling of affairs related to property management have become the order of the day.
Rounak Real Estate understands the needs of NRI's and assists them in buying/leasing/selling residential as well as commercial premises in their home country. Through our thorough professional know-how we leave no stone unturned when it comes to offering them with nothing but the best. We render services to get you state of the art properties built as per green building standards and practices and a completely transparent system of operations ensuring your complete peace of mind.
We aim to help you resolve every concern and doubt. We have compiled basic legal information to help render our help for real estate transaction in India. Read through the following FAQ's and contact us if you have any more queries:
Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes.
Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.
A person resident outside India, who has been permitted by Reserve Bank to establish a branch, or office, or place of business in India (excluding a Liaison Office), has general permission of Reserve Bank to acquire immovable property in India, which is necessary for, or incidental to, the activity. However, in such cases a declaration, in prescribed form (IPI), is required to be filed with the Reserve Bank, within 90 days of the acquisition of immovable property.
An Indian citizen resident outside India does not require any permission to transfer any immovable property other than agricultural or plantation property or farm house,
All requests for acquisition of agricultural land/plantation/property/farm house by any person resident outside India or foreign nationals may be made to the-Chief General Manager, Reserve Bank of India, Central Office, Exchange Control, Department, Foreign Investment Division (III), Mumbai - 400001.
The NRIs/PIOs can freely rent out their immovable property in India without seeking any permission from the Reserve Bank. The rental income being a current account transaction is freely reportable outside India.
Always get a copy of the title report by the solicitor of the property. Make sure that there are no conditions written in fine print and that there are no specific reservations by the state government.
One should also look for specific clearance reports. For instance if the project is being constructed over or in the close vicinity of a heritage building, you must check for any heritage reservations for the premises. The idea is to ensure that you do not get stuck with a property