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For Sales Enquiry - +91-2239178070

FAQ's

Who is a Non Resident Indian (NRI)?
An Indian citizen who stays abroad for employment/carrying on business or vocation 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 Person of Indian Origin (PIO)?
A person of Indian origin means a foreign citizen (other than 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
Who can purchase immovable property in India?
Under the general permission available, the following categories can freely purchase immovable property in India:

a) Non-Resident Indian (NRI) - that is a citizen of India resident outside India

b) Person of Indian Origin (PIO) - that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who at any time, held Indian passport, or who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

The general permission, however, covers only purchase of residential and commercial property.
Can NRI's acquire commercial properties in India?
Yes, under the general permission granted by the Reserve Bank of India, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
Can they dispose of such property?
Yes
Can sale proceeds of such property be remitted out of India?
Yes. Repatriation of original investment in respect of properties purchased by foreign citizen 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. Application for the purpose is acquired to be made to the Central Office of Reserve Bank within 90 days of the sales of property in Form IPI 8.
Can NRI's acquire / dispose residential property as a gift?
Yes
Can NRI's sell their property in India without the permission of the Reserve Bank of India?
Yes
Can NRIs obtain loans for acquisition of a house/flat for residential purpose from authorised dealers/financial institutions providing housing finance?
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 NRIs obtain loans for acquisition of a house/flat for residential purpose from authorised dealers/financial institutions providing housing finance?
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
What are the facilities provided by Adhiraj to NRI investors?
Adhiraj has a dedicated team in place, to handle the NRI customer queries. We provide assistance on email and telephone providing information relating to projects, work in progress, loan assistance, and money transfers etc. A GPA is also provided for the clients benefit.
Does Adhiraj help in renting or selling properties for NRI's ?
Currently, Adhiraj does not provide any services relating to renting or selling properties for NRIs, however for our clients we can put them on to some agents for better assistance.
What are the documents an NRI would be required to bring along while planning to buy an Adhiraj property?
It is advisable that an NRI customer keeps his NRO account number handy, while planning to buy an Adhiraj property.
Does Adhiraj arrange for site visit if the NRI wants it to be arranged for 2 or more Adhiraj properties?
Yes, Adhiraj arranges for site visits.
Any other assistance provided by Adhiraj?
Executives maintain regular contact with the clients and assist them even after the flat/villa is occupied.
What is an OCB?
Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts in which at least 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs as long as the ownership/beneficial interest held in them by NRIs continues to be at least 60%.
Is there a limit to the number of investment in acquiring commercial properties in India?
No, as far as quantity of NRI investment is concerned in real estate investment in India there is no limit on the number of investments can be made in commercial properties in India.
Can immovable property held in India, be transferred by way of gift to relatives/registered charitable trusts/organizations in India?
Yes. General permission has been granted by Reserve Bank to non-resident persons (foreign citizen) of Indian Origin to transfer by way of gift immovable property held by them in India to relatives and charitable trust/organizations subject to the conditions that the provisions of any other law, including Foreign Contribution (Regulation) Act, 1976, as applicable, are duly complied with.
Can the properties (residential/commercial) be given on rent if not required for immediate use?
Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.
While purchasing real estate most developers demand a Power of Attorney in their favor, is there a way to avoid it?
Ans: One can choose not to grant the Power of Attorney (POA) to the developers. However this will mandate the mailing of all documents to your foreign residence and associated time delays. A good compromise is to grant the POA to the builder only for specific necessary items.

If you are an NRI or a Property Buyer/Investor you need to understand your Investment Horizons in Real Estate pretty well.

Term of Investment - This is important as you need to hold on for at least 1 to 3 Years for a decent capital appreciation and if you sell your property within 3 years you are in for a short term capital gains which is at par with the Income Tax rules of nearly 30 to 35% as applicable. It is better to stay invested for 3 years and then plan the next investments with Capital Gains etc.
What are the options available for obtaining guarantors while applying for a HDFC/LIC loan
One will need a guarantor for a loan mainly for collateral security. The guarantor will have to demonstrate appropriate net worth to cover for the loan. Usually one can have a guarantor in any city where the loan issuer has a branch. Talk to loan issuers they will work something out for NRIs and foreign banks.
Can an NRI give a Power of Attorney to a person in India for completion of loan formalities on their behalf?
Yes. We very well understand that as an NRI you have a different set of needs with respect to your real estate management and investment requirements and we also understand that it needs special set of services to cater to your requirements. The good news from India is that government has allowed 100% repatriation for NRIs.

Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC,LIC Housing Finance Ltd.,etc. to grant housing loans to non-resident Indian nationals for acquisition of houses/flats for self-occupation subject to certain conditions.
What are the conditions if the power of attorney is being executed outside India?
The attorney should preferably be a resident of India.

The power of attorney should be executed on a stamp paper/plain paper as the case may be as applicable in the country in which the power of attorney is executed. Any authorized official of the Indian Embassy/Consulate/Trade commissioner in the country where the executants resides should attest the signature of the executants. The attorney's signature should be verified in India by Notary Public or his employer or his banker on a separate piece of paper, which should be submitted to SHFL together with the power of attorney
Are foreign citizens of India eligible to acquire commercial properties inIndia?
Yes, they are, but under the general permission granted by the Reserve Bank, which are subject to further terms and conditions. A commercial property includes properties other than agricultural land/farm house/plantation property.



Registered office Adhiraj Constructions (P) Ltd.:
Sharda Chambers, Vithaldas Thackersey Marg, Marine Lines, Mumbai, Maharashtra, INdia.