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FAQ

  1. Who is a non - resident Indian (NRI)?

    A citizen of India who stays abroad for employment or for carrying out any business for an uncertain period of time is considered as a non-resident. People who are posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also considered as non-residents. Non-resident foreign citizens of Indian Origin are treated on par with NRI's and are offered the same facilities.

  2. What is an OCB?

    OCB (Overseas Corporate Bodies) are the bodies that are mainly owned by the individuals of Indian nationality or origin resident outside India. OCB includes all the overseas companies, trusts, partnership firms, societies and corporate bodies which are indirectly or directly owed by at least 60% of individuals of Indian nationality or origin resident outside India. However, the ownership interest should be actually held by them and not by the nominees.

  3. What are the various facilities available to NRI's?

    Various facilities offered to the NRI's are as follows:

    • They can maintain their bank accounts in India
    • They are allowed to invest in securities/shares/deposits of Indian companies and firms
    • They are allowed to invest in immovable properties in India
  4. Do non-resident Indian citizens need permission of RBI (Reserve Bank of India) to acquire residential and commercial property in India ?

    NRI's are not required to take any permission of RBI while acquiring any residential and commercial property in India

  5. Do foreign citizens of Indian origin need permission of RBI(Reserve Bank of India) to purchase immovable property in India for their residential use?

    Reserve Bank of India has given permission to the foreign citizens of Indian origin to purchase immovable property in India for their residential use. Hence, they do not need to acquire any permission.

  6. What are the formalities that are needed to be completed by foreign citizens of Indian origin while purchasing residential immovable property in India under general permission?

    While purchasing a residential immovable property in India, the foreign citizens of Indian origin are required to file a declaration in form IPI 7 with Central Office of Reserve Bank at Mumbai within 90 days from the date of purchase of that immovable property.

    They can also submit a final payment of purchase consideration along with a certified copy of document which is an evidence of transaction and the bank certificate of the consideration paid.

  7. Can the foreign citizens of Indian origin sale property without the permission of RBI (Reserve Bank of India)?

    Reserve Bank of India has give permission to foreign citizens of Indian origin to sale a property. However, wherever the property is purchased by them, the funds towards the purchase consideration should be either remitted to India or the paid out of balances in NRE/FCNR accounts.

  8. Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?

    Reserve Bank of India has given permission to foreign citizens of Indian origin to acquire or dispose of a residential property by way of gift from or to any relative who is a citizen of India or a person of Indian origin (in case he is not the citizen of India) subject to compliance with applicable tax laws.

  9. Can foreign citizens of Indian origin acquire commercial properties in India?

    Reserve Bank of India has given permission to foreign citizens to acquire commercial properties in India other than agricultural land/farmhouse/ plantation property.

  10. Can the properties (residential/commercial) be given out on rent if not required for immediate use?

    Reserve Bank of India has given permission to rent out any immovable residential/commercial property in India. However, the rental income or proceeds of any investment of such income are eligible for repatriation.

  11. Are Indian companies allowed to grant loans to their NRI staff?

    Reserve Bank of India has given permission to the Indian companies or firms to grant housing loans to the NRI's. However, there are certain terms and conditions that are needed to be met.

  12. How and where to pay stamp duty in Karnataka?

    In Karnataka, you can pay the stamp duty through:

    • Impressed stamps from licensed stamp vendors
    • Adhesive stamps
    • By making payment through DD/pay order issued by a nationalized bank or scheduled bank or challan
    • Writing on a plain piece of paper and paying the stamp duty through DD/pay order issued by a nationalized bank or scheduled bank or challan within two months from the date of execution and getting it certified from the jurisdictional District Registrar or Sub Registrar.
  13. When should the Stamp duty be paid according to the law in Karnataka?

    According to the law in Karnataka, you should pay the stamp duty before or on the date of executing a document. You can note down the document on a plain piece of paper and pay the stamp duty through DD/pay order issued by a nationalized bank or scheduled bank or challan within two months from the date of execution. You will have to get it certified from the Sub Registrar or jurisdictional District Registrar.

  14. What is the procedure to pay the stamp duty in case the document is executed out of India and is to be used in Karnataka?

    It is compulsory to pay the stamp duty within three months from the date of receipt in India. You will be required to produce the document before the District Registrar and he will certify the payment.

  15. How to prevent the use of fake stamp papers?

    Note the document on a plain paper or a Rs.2. Document Sheet. You can pay the stamp duty at any authorized bank or at the jurisdictional Sub-Registrar Office.

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This disclaimer ("Disclaimer") is applicable to this website. By using or accessing this website you agree with the Disclaimer without any qualification or limitation. The Real Estate (Regulation and Development) Act, 2016, and Rules made thereunder (where notified) ("RERA") have come into effect from 1st May, 2017. The contents of this website may not be fully in line with RERA as of date. We are in the process of modifying, revising and updating this website in terms of the stipulations / recommendations under RERA, which shall be completed soon. Please telephone our sales centres or visit our sales office during office hours to speak to our sales team for verifying all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently with the sales team/ company prior to concluding any decision for buying any unit(s) in the projects. The information contained on this website shall not be construed to be an advertisement. We thank you for your patience and understanding.