With the prices of property in Mangaluru – be it commercial or residential – being beneficial in diverse aspects this may be the best time for all Non-Resident Indians(NRIs) to consider investing in a property in India. The concept of contemporary integrated townships and world-class infrastructure has taken wing in a big way across all cities in the country, thereby making investments in real estates a guaranteed revenue generator in India.
According to amendments to the Foreign Exchange Regulation Act (FERA) – now permits NRIs to purchase residential and commercial properties without prior permission from the RBI. Even if you rent out your property, you can credit the return revenue to your NRO account without any hassle. The cherry on the icing is: there is no limit on the number of properties an NRI can buy.
Repatriation is allowed only if payments for the purchase of the property have
been made through recognized banks in India and from repatriable accounts
Prior permission of the Income Tax department is mandatory if the value of the
property is more than the prescribed limit (appx. ₹10 lakhs for majority cities,
metros being slightly higher). Permission can be obtained by filling Form 37-I of
the income tax department.
Application for repatriation has to be filed to the RBI within 90 days of the sale of
NRIs can avail financing assistance through housing loans to buy residential
properties in India.
The loans are available through leading financial institutions like