NRI Corner
Investor
Why Invest With Harshail Group ?
As an NRI property buyer, we understand your concerns about investing in real estate in India. Amidst a host of other areas of worry, the primary one is trust. This is where Harshail Group can definitely help you. For over three decades, Harshail Group has proudly stood tall as a leader in Mumbai’s real estate sector. 25 years and 25+ successful projects later, the group has created smiles in over 6000 families, and one that you can place your trust in.
NRI FAQ -
An Indian Citizen who holds a valid Indian passport and stays abroad for employment/carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a Non-Resident Indian (NRI). Non-resident foreign citizens, of Indian Origin, are treated at par with Non-Resident Indians (NRI).
Yes, an NRI/IPO can possess a residential property in India through a gift from an Indian, NRI/PIO. Even the RBI guidelines support it. There are other ways how a person can acquire residential property by inheritance from a person, who is a resident as per the provisions of Section 6(5) of the FEMA, 1999.
Though RBI has given general permission to the NRIs to purchase immovable properties in India, the permission does not grant power to acquire any and every property in India. The NRIs are allowed to purchase only residential or commercial property. So NRIs cannot purchase any agricultural land or plantation property.
Repatriation of sale proceeds can happen after three years from the date of finalization of the purchase deed or after the last and final installment of consideration is paid, whichever is later.
Yes, an NRI can give his property out on rent. The money can be repatriated by him after deducting TDS at 30%.
A declaration in form IPI 7 has to be filed with the Reserve Bank within 90 days of the finalization of the purchase deed or after the last and final installment of consideration is paid, whichever is later.
