NRI Guidelines

Permission For Purchase Of Residential Property / Commercial Property.

• NRIs holding Indian passports — No permission required
• NRIs holding foreign passports — 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.