The Shreeji Buildcon is Vadodara's top developer of residential and commercial space, offering complete office and residential space options. located in Vadodara, India.
The top financial investors from across the world have been drawn to the firm due to its strong brand and execution capabilities. The business has constantly provided luxurious lifestyles through innovative solutions, not just by building structures but by building better lives, and was additionally named one of India's top 10 builders by Construction World.
For facilities management, Shreeji Buildcon works in partnership with top experts and vendors to provide excellence in all facets of development. We are aware of the needs of our NRI clientele and offer real estate solutions that satisfy those objectives. Please get in touch with us for more details.
Who is a non-resident Indian (NRI)?
A citizen of India who lives overseas while working, conducting business, or pursing a profession there, or who lives abroad while circumstances indicate that they intend to stay there for an ambiguous amount of time, is a non-resident. (Persons posted in U.N. agencies and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also classified as non-temporary assignments are also treated as non-residents). Indian-origin non-resident foreign nationals are treated equally with non-resident Indian nationals (NRIs).
Who is a PIO ?
If a person is not a citizen of China, Iran, Nepal, Pakistan, Bangladesh, Sri Lanka, Afghanistan, or Bangladesh, they are said to be of Indian descent.
- at any time held an Indian passport, or
- Who, whose father, or whose paternal grandpa was an Indian citizen under the Indian Constitution or the Citizenship Act of 1955
Who can purchase immovable property in India?
Under the general permission available, the following categories can freely purchase immovable property in India:
- Non-Resident Indian (NRI) - that is a citizen of India resident outside India
- 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 sell the properties they hold in India without reserve Bank's Permission ?
Yes
Can NRI's Acquire or Dispose residential property by way of gift ?
Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.
Can NRI's Acquire Commercial Properties in India ?
Yes, under the general permission granted by the Reserve Bank, 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 NRI's obtain loans for acquisition of a House / Flat for Residential purpose from 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.
