The rise in the number of projects and various residential options available to choose from has made it possible for buyers from all economic classess
OVER VEIW
Since its inception in 1999, Sai Raghavendra Group (SRG) has built a solid reputation as developer of premium properties in prime locations of Bengaluru and Hyderabad. Strong principles, execution excellence, innovative designs and timely delivery are the four corner stones on which all the elegant edifices of SRG are built. Every project of SRG stands out for its superior quality of construction, aesthetic design, caring facilities,
If you’re an NRI, the following documents are needed on your end to make the land purchases: Power of attorney in the name of a person residing in India who can carry out legal and financial proceedings on your behalf
● Your PAN Card A copy of your passport (in case your PAN card is unavailable)
● An NRE or NRO account to carry out transactions with the builder
Property purchase is one of the best options for NRIs in terms of investment, especially in India. With continuous amendments and revisions in the Land Acquisition Act, relaxation of FDI rules and the Real Estate Regulatory bill, NRIs are benefiting more and more with time in the domain of property purchase. The Reserve Bank of India grants permission to NRIs to purchase or sell land either through foreign exchange (for which any Indian bank can be used as a medium) or through NRE/FCNR accounts. A copy of it has to be submitted to the central office of The Reserve Bank of India within a period of 90 days post the purchase; though no official permission is required to make the purchase and hence the buyer has all the freedom here
You’re eligible to make purchases if you’re an NRI residing outside at the moment, PIO (Person of Indian Origin) who’s owned an Indian passport at any point, or someone who’s father or grandfather was an Indian citizen according to the Constitution of India or the Citizenship Act, 1955. Puravankara as a Real Estate Enterprise has built both residential and commercial properties keeping in mind all the technicalities and luxuries as per an NRIs requirement. It has ensured to make your process of investment as convenient as possible, keeping in mind. So come, invest both your money, and trust in us with complete safety.
FAQ's
Who is an NRI?
NRI stands for "Non-Resident Indian." An NRI is an Indian citizen who resides outside of India for employment, education, business, or any other purpose for an indefinite period of time. NRIs are often considered as a separate category under Indian law, with specific rules and regulations related to their residency status, taxation, and other matters. Many NRIs maintain strong connections with their home country and are interested in investing in real estate, among other things, in India.
Who is a PIO?
PIO stands for "Person of Indian Origin." PIO refers to an individual who is not a citizen of India but who meets certain criteria of Indian origin, such as having Indian ancestry, birth, or marriage to an Indian citizen. PIO status is granted to such individuals under the Indian government's PIO scheme, which provides certain benefits, such as easier access to visas, admission to educational institutions, and investment opportunities in India.
Can an NRI buy immovable property in India?
Yes, NRIs can buy immovable property in India, subject to certain restrictions and guidelines set by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA). The RBI has granted general permission to NRIs to purchase residential and commercial property in India without the need for any special approval, but they cannot buy agricultural land, plantation property, or farmhouse property. NRIs can purchase immovable property in India using funds either remitted from abroad through normal banking channels or through funds held in their Non-Resident External (NRE) account or Foreign Currency Non-Resident (FCNR) account. It is important to ensure that all the necessary legal and financial due diligence is conducted before buying any property in India.
Can a PIO buy immovable property in India?
Yes, PIOs (Persons of Indian Origin) can buy immovable property in India, subject to certain guidelines and restrictions set by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA). PIOs can buy residential and commercial property in India, but they cannot purchase agricultural land, plantation property, or farmhouse property. PIOs can purchase immovable property in India using funds remitted from abroad through normal banking channels or through funds held in their Non-Resident External (NRE) account or Foreign Currency Non-Resident (FCNR) account. It is important to ensure that all the necessary legal and financial due diligence is conducted before buying any property in India. In 2015, the PIO and Overseas Citizenship of India (OCI) schemes were merged, and now PIO cardholders are considered OCI cardholders.
What are the taxes applicable for the income generated from the property?
In India, the taxes applicable for income generated from a property depend on various factors, such as the type of property, the purpose for which it is used, and the status of the owner (resident or non-resident). The following taxes may be applicable for income generated from a property:
- Income Tax
- Property Tax
- Capital Gains Tax
- Goods and Services Tax (GST)