NRI Corner

NRI Corner2018-09-18T11:37:24+00:00

Briefing on Project

ww“Greentech Residency” as a   Real Estate Developer in Gujarat, has predominantly concentrated on developing residential houses in and around Western India.At Greentech Residency buyers are assured of transparency in Carpet Area Disclosure and Pricing, coupled with on-time schedule delivery.

We have a focused dedicated sales team which offers real estate solutions to our prestigious NRI clients. The team reaches out to NRIs in various regions by way of exhibitions, seminars and fulfils sales through our dedicated project sales team. We understand the requirements of our NRI clients and provide real estate solutions which fit their needs.Below are few frequently asked questions for NRI.For any further information or an enquiry please Contact Us

Who is a Non-Resident indian (NRI)?2018-08-20T04:50:29+00:00

An Indian citizen who stays abroad for employment/carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-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).

Who is A PIO ?2018-08-18T10:27:54+00:00

A person of Indian origin 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:

  • Held an Indian Passport at any time, or
  • Who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955
What are the various facilities available to NRI ?2018-08-20T04:50:37+00:00

NRIs 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
Can NRIs sell the properties they hold in India without Reserve Bank’s Permission?2018-08-20T04:51:19+00:00

Yes

Can NRIs Acquire or dispose residential property by way of Gift?2018-08-20T04:51:41+00:00

Yes, the Reserve  Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.

Can NRI Obtain loans for acquisition of a house / flat for Residential purpose from Financial Institution Providing Housing Finance ?2018-08-18T10:34:09+00:00

The Reserve Bank has granted some 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 NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.

Can Indian companies grant loans to their NRI staff?2018-08-20T04:52:22+00:00

Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.

Can sale proceeds of such property be remitted out of India?2018-08-20T04:52:56+00:00

Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26th May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.

Can the properties (residential/commercial) be given on rent if not required for immediate use?2018-09-18T11:51:01+00:00

Yes. Reserve Bank has granted permission for letting out of any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to NRO account.