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Our Website amitcolonizers.com is under the process of update and up gradation. The information contained in this website is for general information purposes only which includes (but not limited to) brochures, layout plans, unit plans, elevation or any other material published. The visitor/s and viewer/s of the website has not/is not /will not depend on this information while deciding to book or purchase any property in Amit Colonizers.

Anything published on this website is not intended to be or to be termed as an advertisement, sales pitch, marketing campaign, booking or making an offer to sell the property.

Amit Colonizers shall not be liable for any liability (legal or others) arising in the event of the viewer relying on the published material of website and making claims based on the information published here./

For inquiries related to sales, you can contact our representatives 0141-222-333-8 / info@amitcolonizers.com.

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FAQ's

Here some are the faq's for your comfort


Who is a Non-resident Indian (NRI)?

A Non Resident Indian (NRI) is an individual who is an Indian Citizen but has migrated to another country permanently or temporarily for the purpose of Employment, Education etc. Other terms, commonly used for an NRI are Overseas Indian, Expatriate or Indian Expatriate.

Who is a Person of Indian Origin (PIO)?

Any person who was born an Indian Citizen, but over time has chosen the citizenship of another country is considered a Person of Indian Origin (PIO).

Are Non Resident Indians (NRIs) & Foreign Citizen of Indian origin (PIOs) allowed to acquire or dispose immovable property in India?

Yes! The Reserve Bank of India has clearly granted permission to all Non Resident Indian's (NRIs) & Foreign Citizens of Indian origin (PIOs) to acquire & dispose immovable property in India, be it Residential or Commercial Property. However the RBI has a restriction on the purchase of Agricultural Land/Plantation Property or Farmhouses in India.

What are the requirements for the purchase of Agricultural Land/Plantation property or Farmhouses in India by NRIs and PIOs?

Any NRI or PIO interested in the purchase of Agricultural Land/Plantation Property or Farmhouses in India would have to send a formal request for the same to The Chief General Manager, Reserve Bank of India, Central Office Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.

What method should an NRI or PIO use in order to purchase a property in India?

An NRI or PIO can purchase a property either through an inward remittance in foreign exchange through normal banking channels or through the funds available in the NRE/NRO/FCNR accounts maintained in India by the Investor.

Do you require the permission of the RBI to transfer immovable property in India?

No! NRIs and PIOs do not require the permission of the RBI in order to transfer immovable property to any Indian Citizen, NRI or PIO.

Can the properties (Residential/Commercial) be given on rent if not required for immediate use?

Yes! There is no clause by the RBI, which restricts an NRI or PIO to rent the properties acquired by them. The amount received from rentals can also be repatriated back to the country they are residing in, without any restriction.

Can sale proceeds of immovable property be remitted out of India?

Yes! The sale proceeds of immovable property can be remitted out of India to the home country of the NRI or PIO, up to the maximum limit of the consideration amount originally remitted from abroad to purchase the property. However, the property has to be sold after a period of three years, from the date of the final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.

Additionally, the following points also need to be adhered to in this respect:

 i.  The immovable property was acquired by the seller in accordance with the provisions of the    Exchange Control Rules/Regulations/Laws in force at the time of acquisition, or the      provisionsof the Regulations framed under the Foreign Exchange Management Act, 1999;

ii.  The amount to be repatriated does not exceed:

  • the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in foreign currency non-resident account(s) or
  • the foreign currency equivalent, as on the date of payment, of the amount paid where such payment was made from the funds held in non-resident external account(s) for acquisition of the property; and
  • in case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.

iii. Finally, application for the purpose of repatriation is required to be made to the Central      Office of Reserve Bank within 90 days of the sales of property in Form IPI 8.

 

Can an NRI give a Power of Attorney to a person in India for completion of loan formalities on their behalf?

Yes! NRIs can definitely appoint a Power of Attorney to complete all loan formalities towards the purchase of a property in India, considering the fact that an NRI wouldn't be in India for long periods. The stringent formalities followed by Indian banks, only means that the appointment of a Power of Attorney would be ideal.

What are the conditions if the power of attorney is being executed outside India?

It is advised that the Power of Attorney is preferably a Resident of India. Having said that, there would be certain procedures which have to be followed in order to execute the same:

 i.  The execution of the power of attorney must be done on a stamp paper or plain paper, as      the case may be in the country where the power of attorney is being executed.

ii.  The signatures of the executants have to be attested by an official of the Indian Embassy,      Indian Consulate or Trade Commissioner, in the country where the executants reside.

iii. The signature of the attorney should be verified in India by a Notary, his employer or his      banker on a separate piece of paper which should be submitted to SHFL together with the      Power of Attorney.

Is there a limit to the number of investments an NRI can make in acquiring Residential/Commercial Properties in India?

The Reserve Bank of India has not fixed any restrictions on the purchase of Residential/Commercial properties for both Non Resident Indians (NRIs), as well as Foreign Citizens of Indian Origin (PIOs). However, the RBI has a restriction in the purchase of Agricultural Land/Plantation Property or Farmhouses in India.

What are the facilities provided by ACL for an NRI Investor?

We at ACL have setup a team of qualified individuals specially trained on Foreign Investment policies, pertaining to Property. This team works round the clock, 24*7, so irrespective of your geo location, you are just a call away. So if you prefer calling in rather than writing to us, our friendly representative would be more than happy to help you out with your query.

This team is also updated on each prperty development at ACL, so they would be able to assist NRI customers on project statuses, payment schedules, loan assistance, and so on.

 

Is it possible for NRIs/PIOs to acquire or dispose off Residential/Commercial Property by way of gift?

Yes! The Reserve Bank of India has not applied any restrictions on NRIs or PIOs to acquire or dispose residential/commercial property, by way of gifts to other Indian citizens, NRIs or PIOs, unless the immovable property is an Agricultural Land/ Plantation Property or Farmhouse.

Can NRIs purchase a house or flat for residential purpose through the help of Financial Institutes in India?

Yes! The RBI has granted permission to financial houses to provide loans to NRIs for the acquisition of house/flats for self occupation, subject to banking terms and conditions. Although, the repayment of the loan needs to be completed within a 15 year period, through inward remittances or out of the funds held by the investors in their respective NRE/NRO or FCNR Accounts.

Can an NRI purchase a ACL Property by means of borrowing money from a close relative outside India?

Yes! An NRI can purchase a ACL Property by means of borrowing money from a close relative outside India. However, the sum borrowed should not be in excess of US$250,000 or its equivalent, subject to the conditions that:

 i.  The minimum maturity period of the loan is one year;

ii.The loan is free of interest; and

iii. The amount of loan is received by inward remittance in free foreign exchange through      normal banking channels or by debit to the NRE/FCNR account of the NRI.

According to the RBI guidelines a Close relative' means relative, as defined in Section 6 of the Companies Act, 1956 which is as under:

A person shall be deemed to be a relative of another if, and only if:

 i.  They are members of a Hindu undivided family; or

ii.They are husband and wife; or

iii.  The one is related to the other in the manner indicated in Schedule IA.

 

How much loan can an NRI or PIO get?

An NRI or PIO can get a Home Loan of up to 85% of the Total Consideration Value of the property.

Are there any Tax implications for NRIs on the purchase, sale and renting of ACL Properties?

There aren’t any tax implications for NRIs for the purchase of properties in India, however any income earned from rental of a residential property would be taxable under House Property, in the Income Tax Act of 1961. Income earned out of rental of a commercial property would be taxable under Business Income in the Income Tax Act of 1961 & Income earned from the sale of a property is taxable under Capital Gains of the Income Tax Act of 1961.