A home back home is usually one of the aspirations that most Indians like who work abroad, work towards. The sheer joy of being finally able to not just ‘settle on something’ but to ‘opt for the best’, drives you to build on success. Yet, purchasing a home back home may turn out to be cause for disillusionment, even disappointment, unless due diligence is carried out. Underlying the choice of a superlative property that would exceed expectations are such critical factors as: Builder credentials, location of the development, portfolio of completed work, design, livability, excellence in execution, range of facilities/ amenities, on-time completion and handover, associates, clientele... That’s just for starters. Legalities like plan and layout approvals, documentation, payment terms and schemes if any, all play a key role in your decision-making process.
Ozone Group is one of South India’s leading developers, differentiated by our focus on three core values – Customer Centricity, Quality and Transparency – across the entire spectrum of residential and commercial property development. We are also one of the most-awarded companies in the South India, because we are committed to providing all our clients with a superior quality of life by redefining the standard of living through innovative real estate products. A young and dynamic organization, we have to date completed about 5 million sq. ft of area to date, and about 15.8 million sq. ft is under construction. Currently projects are being developed in Bangalore, Chennai, Mumbai and Goa.
Headquartered in Bangalore, Ozone Group has branches across India and an established presence in Australia, Dubai, Singapore, Hongkong, Indonesia, the UK and the USA. So we can meet with you in person and take any requirement forward with ease.
Ozone Group has over 2000 NRI clients and you can count on us always!
No. NRI's do not require any permission to buy any immovable property in India other than agricultural / plantation property or a farmhouse.
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.
There are no limits on the number of residential properties that may be bought by an NRI. However, repatriation (the process of converting a foreign currency into the currency of one's own country) is allowed only in respect of two such properties.
NRI/PIOs can without restraint rent out their immovable property, whether purchase through application of forex or otherwise, without seeking any consent from the RBI. The rental income being a current account transaction is repatriable outside India, only if proper tax is paid or provided for.
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 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.
Yes. Such housing loans availed in rupees can also be repaid by the close relatives in India of the borrower.
The following documents are normally to be submitted along with the application:
An NRI can borrow against the security of immovable property from Authorized Dealer subject to the following conditions.
The relaxation of FDI in the construction, development sector announced in March 2006 allows NRIs, PIOs and all foreigners equal opportunity with their Indian counterparts in the Indian real estate sector. The new guidelines states that before selling, the site has to be developed, constructed upon or fulfill the criteria of minimum one year development.
The norms are quite liberal. It allows you five years to finish at least 50% of your project from the date of getting all the clearances. In normal circumstances, the project can be completed within three years. It helps protect the customer and keeps fly-by-night people at bay.
The automatic route has simplified much of the cumbersome investment process. Approval from the Reserve Bank is not required anymore. No need to go to the Foreign Investment Promotion Board either. The easing of paper work and relaxation of formalities has given a boost to overseas investor confidence for investing in India.
Any NRI before investing in the Indian real estate should also focus on the particular segment that he plans to invest in - like residential, retail or office space. Consulting legal firms and real estate firms providing professional NRI services can be very useful.
A lot depends on the segment you want to invest in. It helps to gauge the future state and to know what utilities are available. i) An office market investment, for instance, requires you to:
Single window in a real estate project in India sometimes may be difficult, because of the involvement of several authorities. If it's a multi-storied building, you need to get clearance from town planning authorities, clearance on design, elevators, fire fighting agencies, etc. Efforts are on to make the process simpler and transparent, though.
Healthy competition is important and necessary. However, in the case of FDI, joint venture definitely seems the wisest route to take as it has tremendous scope. The Indian partner would always be in a better position to provide input in terms of information on land and clearances, where the foreign investors can put their money, use technology judiciously and opportunities where both can complement each other.
Currently, as big foreign investors are foraying into India, their main interests have been in joint ventures. The first couple of transactions or strategies have gone this way and large joint ventures have been struck. Trends show that in the initial years, FDI inflow into real estate in India will come through joint ventures. Efforts to improve infrastructure and speed up reform processes, better tax rules, computerization of land records and more transparency have ensured enhanced investments and developments in the Indian real estate industry.
The response received post relaxation of FDI in the construction and development sector has been very optimistic. This can be seen as a catalyst for investment as it would have a multiplier effect on the economy. Other sectors that will receive a boost include:
NRIs can freely rent out property (source of acquisition of property not significant) (a) Freely repatriate rental income without prior permission. (b) Tax deducted at source on rental income, adjust rental income against home loans If loan amount is higher, pay through NRE, NRO and FCNR accounts. (a) Short term Capital Gains - property held for less than 3 years.