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NRI real estate investment norms simplified

Posted on by Track2Realty

india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Delhi NCR real estate, Mumbai Real Estate, Bangalore Real Estate, Pune Real Estate news, Doha, Qatar, Property show, real estate news india, NRI real estate news, realty news india, property news india, real estate news, realty newsThe purchase and sale of immovable properties in India by a Non Resident Indian (NRI) or by a Person of Indian Origin (PIO) is really a very simple and easy affair with not much hassles and problems.

For a detailed and authentic answer one should always refer to the Foreign Exchange Management (Acquisition and Transfer of Immovable Properties in India) Regulations, 2000 as amended from time to time.

The above regulations have been notified by the Reserve Bank of India vide Notification No. FEMA/21/200-RB dated 3rd May, 2000. Likewise, to get a latest update on the subject the investors may also very carefully go through the latest Master Circular on Acquisition and Transfer of Immoveable Property in India by Non Resident Indians/Persons of Indian Origin which has been issued by the Reserve Bank of India vide Master Circular No.4/2012-13 dated 2/7/2012.

Before going further to analyse the different provisions of the law relating to acquisition and transfer of immovable properties in India by Non Resident Indians as well as by Persons of Indian Origin it would be worthwhile to know and understand the legal definition of these two entities as per the Foreign Exchange Management Act.

As per Notification FEMA-5 /2000 dated 3.5.2000 as amended from time to time, a Non Resident Indian (NRI) is a person resident outside India who is citizen of India or is a person of Indian Origin. Likewise, the definition of Person of Indian Origin (PIO) means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who (i) at any time, held Indian passport, or (ii) who or either of whose father or whose grandfather was a citizen of India by virtue of Constitution of India or the Citizen Act, 1995.

With regard to acquisition and transfer of property in India by an Indian Citizen resident outside India it is specifically provided that a person resident outside India who is a citizen of India may -

a) acquire any immovable property in India other than agricultural/plantation /farm house, and b) transfer any immovable property in India to a person resident in India. c) transfer any immovable property other than agricultural or plantation property or farm house to a person resident outside India who is a citizen of India or to a person of Indian origin resident outside India.

As regards the Acquisition as well as transfer of Property in India by a Person of Indian Origin (PIO) the Regulation 4 of the above mentioned regulation specifically states that a person of Indian origin resident outside India may -

(a) acquire any immovable property other than agricultural land/farm house/ plantation property in India by purchase, from out of (i) funds received in India by way of inward remittance from any place outside India or (ii) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank under the Act;

(b) acquire any immovable property in India other than agricultural land / farm house / plantation property by way of gift from a person resident in India or from a person resident outside India who is a citizen of India or from a person of Indian origin resident outside India;

(c) acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations or from a person resident in India;

(d) transfer any immovable property in India other than agricultural land/farm house/plantation property , by way of sale to a person resident in India;

(e) transfer agricultural land/farm house/ plantation property in India, by way of gift or sale to a person resident in India who is a citizen of India;

(f) transfer residential or commercial property in India by way of gift to a person resident in India or to a person resident outside India who is a citizen of India or to a person of Indian Origin resident outside India.

49% NRIs looking for investment in property

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Delhi NCR real estate, Mumbai Real Estate, Bangalore Real Estate, Pune Real Estate news, Doha, Qatar, Property show, real estate news india, NRI real estate news, realty news india, property news india, real estate news, realty newsAbout 49 per cent of non-resident Indians, or NRIs, are looking to buy property in India purely for investment purposes, according to a study.

Mumbai and Delhi grab the top spots as the extremely viable options for property investments amongst NRI’s since the cities continue to be the most robust real estate markets in India.

The study, conducted by Sumansa Exhibitions amongst 15,000 NRI’s across UAE, said Pune, Gurgaon and Noida have emerged as hotspots for investments making it to the top five list of favourable cities. It further indicates that NRIs are not necessarily looking at their hometowns for investments.

“The survey result is not surprising as Mumbai and Delhi are the most promising markets as far as rate of investment and net profitability is concerned. Both these cities enjoy commercial prominence, location advantage and increasing wealth, as such the growth momentum either has continued or is stable even if the world markets have experienced economic crisis,” Sunil Jaiswal, Chief Executive of Sumansa Exhibitions, says.

“Pune, Gurgaon and Noida are in the top five as they enjoy the advantage of being in close proximity of the main cities,” Jaiswal adds.

Honey Katiyal, Chief Executive, Investors Clinic, India’s leading real estate consultancy,   says, “NRI’s are choosing other cities apart from their hometowns and especially Mumbai, Delhi, Pune, Gurgaon and Noida, which reflects the sentiments that the investors are looking for good investment options for increasing their wealth.”

Katiyal also emphasised that NRIs stand to gain from the sharp slide in rupee over last two weeks. The rupee has depreciated more than 16 per cent against the US dollar since July 2011. This has made homes in India increasingly cheaper in dollar price terms, an attractive proportion specially at a time the real estate sector in the developed markets remain depressed. Little wonder then, NRIs have been looking at the homes back home with renewed interest.

Indian developers to showcase projects in Doha property show

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Doha, Qatar, Property show, real estate news india, NRI real estate news, realty news india, property news india, real estate news, realty news, track2media, track2realty, ravi sinhaA two-day exhibition featuring 45 property developers from major cities of India is being held at Regency Halls on Friday and Saturday, at the initiative of The Times of India Group and Mindspace Events, an events management company.

The exhibition, The Times Realty India 2011, is being held in Doha for the second year running. “We received excellent response last year and we hope this year too it receives a similar response,” said M I Sait, CMD of Mindspace Events and Exhibitions.

Sait said they were considering to organise the show in Dubai as well as in Doha in October again. “At Dubai alone, developers vended properties worth more than Rs20bn last year; this year they are expecting higher volume in both Doha and Dubai,” he said.

The show is a opportunity to bring some of the top builders and developers at platform for “our regular clients in India and outside.” “Our aim is to bring builders and service providers from the Indian property industry face to face with customers who are planning to buy properties in back home,” he added.

Properties starting at QR100,000 to QR4mn would be on offer at the exhibition which also features a separate Kerala pavilion. “The decision to bring all Kerala property developers on one platform was taken owing to the enormous interest shown by Keralites living in this region to the show last year,” he said.

Nine developers from Kerala are exhibiting their properties at the Doha show. They are from Kochi, Thrissur, and Guruvayoor. Others attending the show are mainly drawn from Delhi, Gurgaon, Mumbai, Chennai, Pune, Bangalore, Hyderabad, Coimbatore, Mangalore, Goa and Ooty.

Close to 1,000 properties will be on display at the event. The show will be held from 10am to 9pm on both days, with a one-hour break for prayers on Friday at noon. The exhibitors will include leading organisations from the industry and leading builders, flat promoters, layout promoters, housing finance companies, resorts and clubs, interior designers, house builders and real estate agents.