NRI Corner
NRI Corner
NRI real estate purchase, resale and rental assistance is no cakewalk, which is why only a few consultants specialize in it.
At John Real Estate, when an NRI client seeks our assistance, we go all out. Irrespective of whether the client wants to invest into a property, wish to sell off their investments or put their property on rent, the documentation and taxation processes can be a hassle. We, along with our team of experts, chartered accountants and lawyers, help clients buy the right property suiting your requirements, sell your property at the best prices and find the right tenants while clients are away. From managing the property to refurbishing it, showing it to clients, handling site visits, finalizing deal, etc., We do it all.
We are the single point of contact for NRIs who wish to purchase, sell, rent and manage their properties in India, especially in Thane and Mumbai. We charge a fixed fee only with no hidden charges or extra costs.
How we can help you?
a) NRI Investment Assist
Investing in real estate in India is a great option. Understanding that, John Real Estate, assists NRIs to invest and buy properties in India, mainly Mumbai and Thane. We help with home loans and other RBI clearances too. Dealing in high-end residential segments, like flats, independent homes, villas, apartments, condos, land, homes in gated communities, etc., we ensure that the investment is every bit worth the money and status.
b) NRI Resale Assist
India’s real estate, like anywhere else in the world, is active and volatile. At John Real Estate, we assist NRIs to sell their properties in India, mainly Mumbai and Thane. Having sold over hundreds of NRI properties, we provide excellent NRI resale assistance, including all kinds of paperwork and documentation and taxation.
c) NRI Rental Assist
It is great to invest in and own a property in India, especially Mumbai and Thane. However, it is sometimes difficult to find the right tenants for it with your hectic work schedules and difference in time zones. We, do the leg work so that our NRI clients can be at peace. Currently managing over hundreds of NRI rental properties, we find the right tenants and handle all the paperwork and compliances. We also assist in execution of POA and registration at your home country.
FAQ
A non-resident Indian (NRI) refers to an Indian citizen who resides outside of India for employment, business purposes, or any uncertain duration. This also includes individuals who are posted in U.N. organizations or deputed abroad by Central/State Governments and Public Sector undertakings for temporary assignments. Non-resident foreign citizens of Indian origin are considered equal to NRIs in terms of their status.
An individual of Indian descent refers to someone (excluding citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) who meets one of the following criteria:
1. Held an Indian Passport at some point in their life.
2. Is a descendant of an individual who was a citizen of India according to the Constitution of India or the Citizenship Act, 1955.
The OCI (Overseas Citizenship of India) is a form of immigration status that allows individuals who are foreign citizens but have Indian heritage to reside and be employed in India without any time restrictions.
Certainly. Non-Resident Indians have the ability to purchase and trade both residential and commercial properties within India.
NRIs are not limited in the number of residential or commercial properties they can own in India. However, when it comes to purchasing property, NRIs are prohibited from buying agricultural land, plantation property, or farmhouses in India.
NRIs can acquire property, excluding agricultural land/farm houses/plantation property, under the general permission granted by the Reserve Bank. To do so, they must ensure that the purchase consideration is met using inward remittances in foreign exchange through normal banking channels or funds from their NRE/FCNR accounts maintained with banks in India. Additionally, within 90 days of purchasing the property or making the final payment of purchase consideration, NRIs need to submit a declaration (in form IPI 7) to the Central Office of Reserve Bank. This declaration confirms compliance with the acquisition regulations.
Foreign citizens of Indian origin, whether residing in India or abroad, have been granted general permission by the Reserve Bank to buy immovable property in India for their genuine residential purposes. As a result, they do not need to seek permission from the Reserve Bank.
Generally, non-resident Indians (NRIs) and persons of Indian origin (PIOs) are not allowed to purchase agricultural land, plantation property, or farmhouses in India. Any requests to acquire such properties must be submitted for approval by the Reserve Bank of India (RBI), in consultation with the Government of India. The only exception is if an NRI/PIO inherits agricultural land, in which case they can legally possess it.
NRIs have been authorized by the Reserve Bank to freely receive or transfer NRI India Properties as gifts from or to a relative, regardless of whether they are Indian citizens or individuals of Indian origin (PIO) residing in India or abroad.
Certain financial institutions like HDFC and LIC Housing Finance Ltd. have been given general permission by the Reserve Bank to provide housing finance. Additionally, authorized dealers are also allowed to grant housing loans to NRI nationals for purchasing an NRI house/flat for self-occupation, subject to specific conditions.
The criteria for the loan purpose, margin money, and loan amount will be the same as those applicable to resident Indians. The repayment of the loan should be completed within 15 years, with funds coming from inward remittances through banking channels or from funds held in the investors’ NRE/FCNR/NRO accounts.
Acquiring property alone does not trigger an income tax requirement. Nevertheless, any earnings derived from owning the property, such as rental income (if rented out), the annual value of the house (if not rented out and if it is not the sole residential property owned by that individual in India), and/or capital gains (whether short or long term) resulting from selling the entire house or a portion of it, are subject to taxation for the owner.
Indeed, non-residents are subject to taxation on both their long-term and short-term capital gains.
When an immovable property is sold, the Double Tax Avoidance Agreement (DTAA) between most countries states that capital gains will be taxed in the country where the property is located. Therefore, if a non-resident Indian (NRI) owns an immovable property in India and sells it, they will have to pay taxes in India on the capital gains from the sale. Similarly, if an immovable property is rented out in India, it would be subject to taxation in India as per most tax treaties.