At Ashray Group, we understand the unique needs and aspirations of Non-Resident Indians (NRIs) and value your affinity for the roots and the desire to establish a secure connection with your homeland.
The NRI Corner is our initiative towards simplifying your real estate investment journey back in India.
With Ashray Group, investing in India becomes an enriching experience as we guide you towards properties that are not just investments but your own piece of homeland.
Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain permission from Reserve Bank.
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.
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
Reserve Bank has granted general permission for the sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds, if any or sale proceeds, in respect of properties purchased prior to 26th May 1993 will have to be credited to the ordinary non-resident rupee account of the owner of the property.
Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of the final purchase deed or from the date of payment of the final instalment of consideration amount, whichever is later.
