Non Resident Indian (NRI)

Non Resident Indian-NRIs-NRI In Dubai UAE � Property Investment and Real Estate News for NRIs-NRI In Dubai UAE, Indians In Dubai UAE, NRI News In Dubai UAE, NRI In Dubai UAE, Dubai UAE News For Indians1 - sohanconsultancy.com
NRI Services
MORE is committed to providing safe investment opportunities for the NRI community and ensuring they stay connected to the homeland.The Indian real estate sector has witnessed a revolution, driven by the booming economy, favourable demographics and liberalised foreign direct investment (FDI) regime. It has emerged as one of the most appealing investment areas for domestic as well as foreign investors.As the Indian Government allowed the foreign direct investment in real estate, host of investors have shown confidence in the enormous potential of the real estate market in India. The global real-estate consulting group Knight Frank has ranked India 5th in the list of 30 emerging retail markets and predicted an impressive 20 per cent growth rate for the organized retail segment by 2010. Supported by infrastructure development, contemporary architecture and state-of-the art facilities in aesthetically designed environs, India's real estate has much to offer to the NRIs.

NRI Investment in Real Estate
All persons residing outside India holding Indian passports and also people of Indian origin have been granted permission by the Reserve Bank of India (RBI) to invest in both residential and commercial properties in India. To an NRI, a base in the homeland also brings with it a sense of security. The number of NRIs who are investing in property for sentimental reasons and for better investment returns is quickly multiplying. The NRI investor can raise finances from financial institutions to purchase a property. Banks and other financial institutions in India are facilitating the NRI investment in property quickly and efficiently. Future Ahead With the economy surging ahead, the demand for all segments of the real estate sector is likely to continue to grow. The Indian real estate industry is likely to grow from US$ 12 billion in 2005 to US$ 90 billion in by 2015. Given the boom in residential housing, IT, ITeS, organised retail and hospitality industries, this industry is likely to see increased investment activity. Foreign direct investment alone might see a close to six-fold jump to US$ 30 billion over the next 10 years. And that makes India a haven for NRI investments (source: indiaground.com).

Services for NRI's
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Types Residential Purpose Commercial Purpose Funds for Investment in Property Letting out of Property Proceeds Repatriable/Non Repatriable
Non Resident Indian No RBI Approval required No RBI Approval required a) Direct remittance NRO/NRE A/C b) Loans against NRE/FCNR Deposits for Residential House only

b) Loans against NRE/FCNR Deposits for Residential House only

No RBI approval required Repatriation of Sale Proceeds equivalent to the Original Investment is permitted for a maximum of two houses as well as Commercial Property after 3 years of acquisition (i.e. possession) or payment of last installment, whichever is later, provided the investment is out of direct remittance or NRE/FCNR account. Form IPI - 8 is to be submitted to RBI within 90 days of sale of the property.
Foreign citizen of Indian origin No prior RBI approval,only intimation to RBI in Form IPI - 7 within 90 days of purchase (Press Release dated 8/1/1992). No RBI approval required. Intimation to RBI in Form IPI - 7 within 90 days of purchase(08/06/93 Circular). a) Out of NRE/FCNR A/C or Foreign remittance b) Loans against NRE/ FCNR Deposits for Residential House only c) With prior approval of RBI from NRO Account No RBI approval required Repatriation of Sale Proceeds equivalent to the Original Investment is permitted for a maximum of two houses as well as Commercial Property after 3 years of acquisition (i.e. possession) or payment of last installment, whichever is later, provided the investment is out of direct remittance or NRE/FCNR account. Form IPI - 8 is to be submitted to RBI within 90 days of sale of the property.
Non Citizens of Foreign Origin i.e.Foreigners RBI approval required (Circular dated 23/3/1992) RBI approval required Direct remittance

RBI approval required (Circular dated 23/3/1992)

Non Repatriable
OCB
a) Controlled by NRI 60%
b) Others
a) RBI approval required
b) RBI approval required
a) RBI approval required
b) RBI approval required
a) Direct remittance
b) Direct remittance
a) No RBI approval required
b) No RBI approval required
a) Non Repatriable
b) Non Repatriable
FERA Companies No RBI approval required (FERA 104/92-RB Dated 29/1/92) No RBI approval required Direct remittance No RBI approval (Circular Dated 23/3/1992) Non Repatriable
NRI Properties In UAE
Who is a NRI ? A NRI is a person resident outside UAE who is either a citizen of UAE or a person of UAE origin. A NRI is an UAE Citizen who has migrated to another Country. For all official purpose the Government of UAE considers UAE National away from UAE for more than 182 days, in a year.

Who is a PIO ?
A person of UAE 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: i) Held an UAE Passport at any time, or ii) Who or whose father or paternal grand father was a citizen of UAE by virtue of the Constitution of UAE or the Citizenship Act, 1955.

What are the types of Property can a NRI/PIO purchase in UAE ?
There are no restrictions on the numbers of Residential/Commercial Properties (other than agricultural land/farm house/plantation) that can be purchased.

Does NRI/PIO require permission of The Reserve Bank to acquire residential/ commercial property in UAE ?
No. All UAE citizens are entitled to buy property in UAE, irrespective of their residential status.

How should the purchase of residential immovable property be paid for by NRI/ PIO under the general permission ?
The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR(B)/NRO accounts maintained with banks in UAE.

Is there are any Lock in period for such investment ?
Currently there is no lock in period.

Can NRI/PIO sell their purchased property without the permission of Emirates Bank ?
Yes.

Reserve Bank of UAE has granted general permission for sale of such property to the following categories:- “To a NRI “To a PIO (If the seller is a PIO, then a prior approval is required from RBI) “To a person Resident of UAE

Can the sale proceeds of such property (if and when sold) be remitted/repatriated out of UAE ? Yes the sale proceeds can be remitted/repatriated out of UAE In the event property acquired out of foreign exchange source i.e. remittance through normal banking channels/ debit to NRE/ FCNR(B) accounts, the amounts to be repatriated should not exceed the amount paid for such property from such source. However, repatriation of sale proceeds purchased out of foreign exchange is restricted to not more that two residential properties, in a block of one year, with a facility of crediting the Capital gain to the NRO account. Again in the event the property was acquired out of Rupee source, an amount not exceeding USD one million, per financial year, subject to tax compliance, out of balance held in NRO account, may be remitted/repatriated.

Can the properties (residential/commercial) be given on rent if not required for immediate use ?
Yes. The Reserve Bank has granted general permission for letting out any immovable property in UAE.

Does any document require to be examined before buying a property ?
Before you buy a property, you must get a title and document search properly conducted by hiring a competent advocate. You cannot examine the documents on your own, and thus, professional assistance needs to be taken.

What is meant by Carpet Area, Built-up Area and Super Built-up Area ?

Carpet Area: It refers to the area of the apartment, excluding the area of the walls.

Built-up Area: It comprises the apartment area as well as the area of the walls. Super Built-up Area: This term is used only when referring to multi-dwelling units. It includes the apartment area, the area of the walls and the area under common spaces like lobby, staircase, elevators, etc.

What documents need to be verified before making any purchase of a property ?

The following documents must be properly verified by an advocate before buying a property:
Approved Layout Plan
Approved Building Plan
Title Ownership Documents
Complete Search
What is meant by Stamp Duty ?

Stamp Duty refers to charges in the form of taxes levied by the State Government.

Which instruments influence the payment of Stamp Duty on the market value of the property ?

The following instruments have a great influence on the payment of Stamp Duty on the market value of the property: Agreement to Sell
Conveyance Deed
Exchange of Property
Gift Deed
Partition Deed
Power of Attorney
Lease Transfer
What is meant by a Freehold Property ?
A Freehold Property refers to any plot or flat, where there is a sole proprietary ownership with no conditions under the land laws, and there is no less or lessee involved.
How can I verify if the documents submitted by the seller are authentic ?

You might be required to hire an advocate to render his professional services for the proper examination of the authentication of the documents submitted by the seller.
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