As an Indian working abroad, there's nothing quite like the feeling of owning a home, back home! The joy of opting for the best, rather than sacrificing interests and luxuries is the motivation one needs to build on success. However, finding your dream home comes with its own hiccups - the struggle of builder credentials, location, portfolio of completed work, liveability, range of facilities, associates, clientele, etc.
Talk to a trusted and established builder!
One of South India's leading developers across residential and commercial property development, Ozone Group is built on three values - Customer Centricity, Quality, and Transparency. Committed to providing superior quality by redefining the standard of living, over the years, we have grown to become one of the most awarded companies in South India. Till date, we have completed 15.5 million sq. ft in area and have 40 million sq. ft under various stages of development. All these achievements have been, possible only because of the trust our patrons, including over 2000 NRI clients have in the work we do.
Ozone Group is headquartered in Bengaluru with projects being developed in Bengaluru, Chennai, Mumbai and Goa.
No. NRIs 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 the 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 NRIs for the 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 investor's NRE/FCNR/NRO accounts.
Yes. Such housing loans availed in rupees can also be repaid by the close relatives of the borrower in India.
The following documents are normally to be submitted along with the application:
An NRI can borrow against the security of immovable property from an 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 state that, before selling, the site has to be developed, constructed upon or fulfil 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 operators at bay.
The automatic route has simplified much of the cumbersome investment process. An approval from the Reserve Bank is not required anymore and there is no need to go to the Foreign Investment Promotion Board either. The easing of paperwork and relaxation of formalities has given a boost to overseas investor confidence for investing in India.
Any NRI, before investing in 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 clearance in a real estate project in India sometimes may be difficult, because of the involvement of several authorities. If it is a multi-storied building, you need to get clearance from town planning authorities, clearance on design, elevators, firefighting 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 inputs 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: