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NRI Desk

NRI Real Estate

The Invest Guru realty Solutins provides complete solutions for purchase, sale, rent and repatriation the immovable property, residential flats, agricultural land, plantation property, farmhouse and other Real Estate for NRI. With the help of experienced professionals and exhaustive knowledge of legalities involved in the process, we provide qualitative NRI real estate services within stipulated time frame.

Why should NRI's invest in Indian real estate?

India being the fifth largest economy in the world (ranking above France, UK and Russia) is a potential Market. It is also the second largest among emerging nations (These indicators are based on purchasing power parity). The estimated size of organized Indian real estate sector accounts for USD 12 billion of India's USD 600 billion economy (2%) way less then other mature economies. Relaxation of foreign direct investment rules has expanded the mountain of capital in every sector of Indian economy.

The government is making efforts in liberalizing the guidelines and norms for investment through FDI, making them more NRI friendly. Growth in the Indian real estate sector was estimated 30% last year, owing to FDI norms and related growth drivers. By 2010, real estate sector estimated to be between USD 45-50 billion (Source: DSP Merrill Lynch, May 30,2005). Real estate sector has the potential to touch USD 90 billion in 10 years. An estimate of 5 million homes were sold last year, while 30 million more homes are expected to be sold in the next five years. The trend of owning exclusive properties like beach houses, homes in the hills, near religious centers etc is fast catching on as second home Option.
Residential ( Housing ):
The cost of mortgage rates came down from 18% to 8% in the last 5 years.

Commercial ( Office Space ):
IT space leasing continues to boom with 12 million sq. ft. leasing in Bangalore, 6 million sq. ft. in Mumbai and 7.7 million sq. ft. in NCR (National Capital Region) in this year till date.

Retail ( Shopping ):
Organized retail, which accounts for just 2 % of the USD 200 billion sector is expected to grow from USD 4 billion to USD 15 billion by 2010.

Hospitality ( Hotels ):
Domestic and International operators are planning to invest in 3-4 star category hotels. India requires another 75,000 to 1,00,000 rooms in the next 5 years.

How can an NRI invest?

Buying immovable property
Any Indian citizen who's a resident outside India does not require any permission from the Reserve Bank of India for purchasing an immovable property, residential or commercial. Incase of NRIs holding foreign passport (Person of Indian Origin), the filing of relevant documents and declarations has to be done with the Reserve Bank of India.

Renting of immovable property
An NRI can earn by renting out his/her property in India. However, the proceeds out of this lease are taxable.

Foreign Direct Investment
No foreign investment is permitted in the Real Estate Sector, except for the development of integrated townships and settlements where FDI up to 100% is permitted with prior Government approval. NRIs are allowed, subjected to certain conditions to invest in the following activities: Development of serviced plots and construction of built up residential premises.

Entry norms
The foreign investor should have a Joint venture (JV) with Indian partner (s). The foreign investor should have a fully owned subsidiary in India. The foreign investor should have be registered under the Indian Company Act (ICA), 1956. The foreign investor should have a record of successful execution of related projects.

NRIs are permitted to invest up to 100% in the new issue of equity shares / debentures of Indian companies engaged in the following areas: Development of serviced plots and construction of residential premises.

Am I an NRI?
Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:
  • Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad.
Who is a foreign citizen of Indian Origin?
A foreign citizen is deemed to be of Indian Origin if:
  • He held an Indian Passport at any time or
  • He or his father or paternal grand father was a citizen of India.



What should a buyer keep in mind while purchasing a residential flat?
Some of the factors to consider while purchasing a flat are:
  • Locality, meaning to transport, schools, hospitals, market, business district, entertainment centers, hotels, restaurants, pollution levels, Car parking space
  • Quality of construction
  • Reputation of the builder or seller
  • Sufficient water and electric supply, other utilities
In what manner the purchase consideration for the immovable property should be paid under the general permission?
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from any non resident accounts maintained with banks in India.

Is there any restriction on the number of residential properties that may be purchased by an NRI?
There are no restrictions on the number of residential properties.

What are the guidelines for acquisition of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin?
All requests for acquisition of agricultural land / plantation property / farm house by any person resident outside India may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.


Can sale proceeds of such property if and when sold be remitted out of India?
In India by a NRI or PIO, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied: -
  • The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999.
  • In the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties, if the property was purchased from funds held in NRE Account.


Does RBI have any guidelines for loans to NRI's/PIO's?
Yes. There are guidelines issued by the Reserve Bank of India for grant of Housing Loans to NRIs. The guidelines are:

  • The loan amount shall not exceed 85% of the cost of the dwelling unit.
  • Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels.
  • Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels.

Can a authorized dealer grant loans to NRIs for acquisition of a flat/house for residential purposes?
Authorized dealers have been granted permission to grant loans to NRI's for acquisition of house / flat for self-occupation on their return to India subject to certain conditions .

What are the documents I have to submit along with the application?
The following documents are normally to be submitted along with the application:

  • Photocopy of the labor contract and English translation duly countersigned by your employer.
  • Latest salary certificate (in English) specifying the following:Photocopy of labor card/identity card.
    • Date of joining
    • Passport Number
    • Designation
    • Perquisites and salary
  • Photocopy of valid resident visa stamped on the passport.
  • Photocopy of monthly statement of local bank account for the last 4 months.
  • Property related documents.

All NRI investment related information can be taken from-

Central Government Organization Assisting NRIs
Indian Investment Centre
Jeevan Vihar Sansad Marg
NEW DELHI - 110 001
Tel : 91 11 2373 3673

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