Nri Tips

NRI FAQS

Do non–resident Indian nationals require permission of the Reserve Bank to acquire residential/Commercial property in India?

No permission is required by non-resident Indian nationals to acquire immovable property in India.

Are Foreign Nationals of Indian origin allowed to purchase immovable property in India?

Yes, Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.

What should be the method of payment for purchasing residential immovable property in India by Foreign Nationals of Indian origin under the general permission?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

For Non-resident Indians staying abroad, can the property be purchased through an agent or through power of attorney?

Non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possessions, etc) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.

Are there any formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of puchase of Immovable property.

Can such residential property be given on rent if not required for immediate residential use?

Yes.

Can the rental income from such property be remitted outside India?

No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.

News

Skyline created history by delivering 22 projects in one calendar year....

Click to view Photographs of Trichur office inauguration

Apt # 2B & 5B Palmtop Apartment handed over to Mr.Jobouy Thomson and family.

Apt # 16C Palmtop Apartment handed over to Mr.Mohan George Karottu.

Apt # 10D Lords Apartment handed over to Mr.Anannd Krishnan.

Apt # 4F Lavender Apartment handed over to Mr.Sam Micheal.

Apt # 6A Lavender Apartment handed over to Mr.Pradeep P Iyer.

Apt # 7E Lavender Apartment handed over to Mr.Matthew J Pattom.

Apt # 6B Lavender Apartment handed over to Mrs.Vidhya Logendran.

Apt # 17F Lavender Apartment handed over to Mrs.& Mr.Thomas Mathew.

Apt # 2B Barons Apartment handed over to Mrs & Mr.Rajagopal.

Apt # 15B Barons Apartment handed over to Mrs & Mr.Thomas Das.

Apt # 13G Melrose Apartment handed over to Mr.Girish Pillai.

Apt # 9D Palmshade Apartment handed over to Mr & Mrs.Kamaludeen.

Apt # 10D Glen Wood Apartment handed over to Mr.Jinesh K.K.

Apt # 3A Glen Wood Apartment handed over to Mrs.Teena Sajil Jose.

Apt # 10D Brent Wood Apartment handed over to Mr.Ullas.D.Vazhappilly.

Apt # 12E Willow Heights (Block II) Apartment handed over to Mrs.Jyothi R Nair & Mr.Ravindran Nair.

Apt # 11B Brent Wood Apartment handed over to Mr.Mathiyus Silven V.D & Mrs.Paul Mini.

Apt # 2C Lords handed over to Mr.Sunil Issac and Family.

Apt # 5C Barons handed over to Dr.Marykutty Sebasitian.

Apt # 4D Palmtop handed over to Mr.Binu Idicula Verghis and family.

Apt # 12B Lords handed over to Mr.Sojan Antony Thomas and family.

Apt # 18C Palmtop handed over to Mrs.Emmanuel Xavier and Family.

Apt # 10C Glen Wood handed over to Dr.S.S. Lal & Dr.S.Sandhya.( Dr.M.V.Sukumaran collected
the keys on behalf of Client).

Apt # 8B Glen Wood handed over to Mr.Paul Antony & Mrs.Mary Paul.

Apt # 11A Lavender handed over to Mr.Subin Jose & Family.

Apt # 1C Belvedere handed over to Mr.Ashly Alex and Mrs.Seena.

Apt # 10B & 11C Hill View handed over to Mr.Joyce Mathew Kuncheria.

Apt # 1A Brent Wood handed over to Mr.Tony Antony & Mrs. Sajini Tony dt.9.7.10

Apt # 5D Brent Wood handed over to Mrs.Nalini M.U dt.9.7.10

Apt # 6A Palmtop Apartment handed over to Mrs.Pramila Nambiar and daughters

Apt # 17A Palmtop Apartment handed over to Mr.P.T. Xavier

Apt # 2D Glen Wood Apartment handed over to Mr.Rajeev M.S & Mrs.Prathibha

Apt 7A Glen Wood handed over to Mr.Kochumathew C.K & Mrs.Latha Mathew

Apt 9C Glen Wood handed over to Mr.Somakumar T.P

Apt # 5D Lords Apartment handed over to Mr.Mathew Thomas & Mrs.Mariamma Mathew

Apt # 19C Lords Apartment handed over to Mr.A.R.Radhakrishnan

Apt # 5A Lords Apartment handed over to Mrs & Mr.P.A.Verghese on behalf of Mr. & Mrs.Antony Verghese.

Apt # 12D Palmtop Apartment handed over to Dr.Lally Alexander & Dr.Thomas Koshy

Apt # 10B Lavender Apartment handed over to Mr.UK Panicker & Mrs.Sulochana Kesavan

Apt # 9D Aster Apartment handed over to Mrs.Deepa Eugene

Apt # 17E Lavender Apartment handed over to Mr.Muraleedharan Nair

Apt # 5B Glen Wood Apartment handed over to Mr.Santhoshkumar V.V & Mrs.Priyadarshini-
Santhoshkumar

Apt # 4D Glen Wood Apartment handed over to Mr.Isathali M.C

Apt # 14D Lords Apartment handed over to Mr.Dilip Kumar Mattapilly and Family

Apt # 10E Willow Heights Block-II Apartment handed over to Mr.Sunil Shankaran

Apt # 16E Lavender Apartment handed over to Mr.Krishnamurthy & Mrs.Lalitha Krishnamurthy

Apt # 9D Palmtop Apartment handed over to Dr. V.K. Jayapalan & Family

Apt # 7B Glen Wood Apartment handed over to Mr.Radhakrishnan K.K.E & Mrs.Bindhu Radhakrishnan