Common Queries

Pio

What is a PIO ?

A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who held an Indian Passport at any time, or who or whose father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.

NRI'S/OCB'S

NRIs/OCB’s are granted the following facilities:

NRIs/OCB’s are granted the following facilities:

• Maintenance of bank accounts in India
• Investments in securities/shares of, and deposits with, Indian firms/companies.
• Investments in immovable properties in India.

Purchase Property

Who can purchase immovable properties 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.

NRI Sell Property

Can NRIs sell properties they hold in India without the Reserve Bank’s permission?

Can NRIs sell properties they hold in India without the Reserve Bank’s permission?

Residential Property

Can NRIs acquire/dispose residential property(s) by the way of a 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.

Commercial Property

Can NRIs 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.

NRI'S Obtain Loans

Can NRIs obtain loans for acquisition of a house/flat for residential purposes from finantial 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.

WHY PUNE

• The temperature of city ranges between 12°C to 37°C with very limited humidity, which means a plasant climate all year round.
• Pune is well connected to the cities of Nashik, Mumbai, Ahamadnagar, Solapur & Bangalore.
• The Harward of the East, Pune is the educational hub of the nation with a diverse range of courses and a plethora of institutions. Furthermore in 2015 Pune recorded a 76.06% literacy rate, a direct impact of the city’s educational system.
• Pune was recently rated as one of the top retirement and recreational destinations in the nation.

Widely acknowledged as the Cultural Capital of Maharashtra, Pune has emerged as the go-to destination for cultural activities, recreation, education, industrial development and most importantly peaceful settlement. It is due to these factors that Property and Land investment in Pune has surfaced as a highly lucrative investment opportunity for investors worldwide.