Propertyways

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NRI Guidelines


Permission For Purchase Of Residential Property / Commercial Property.
  • NRIs holding Indian passports â No permission required
  • NRIs holding foreign passports â Intimation to RBI via form

IPI - 7 within 90 days of purchase of property or final payment of consideration. Funds through NRE/NRO accounts.

Sale of Property
  • Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.

Repatriation Of Sale Proceeds
  • Repatriation of proceeds from sale of residential property purchased on or after 26th May 1993 is allowed.
  • The RBI will consider repatriation of the consideration amount remitted in foreign exchange for the acquisition of 2 properties. The sale has to have taken place after 3 years from the date of final purchase deed or from the date of final payment.
  • Application of repatriation (IPI-8) has to be done within 90 days of the sale of the property.

Income From Property
  • NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account.
  • Subject to changes from time to time
  • E. & O.E.

Return On Investment
  • Rental Returns

The rental returns on an investment in
  • Residential property in Lucknow is 5% - 6% p.a
  • Commercial property in Lucknow are normally in the range of 8% - 10% p.a. on the invested amount

Appreciation Of Property
Conservative estimate of appreciation on an investment in property in Lucknow is about 20% p.a. NRIs start to gain by investing in Real Estate when compared to the investments on the NRNR / FCNR deposits.