Under Construction, Ready passion, Leave & License Flats available
1BHK, 2BHK, 3BHK, Flats, Row House, Bungalows, Plot for Farm House.
Commercial & Industrial Plots.
Ownership and Leave & License Legal Documents, Registration, Index II /
Old Original Agreement & Index II From Registration Office
1. Acquiring immovable property in India by persons resident outside India is regulated in terms of Section 6(3) (i) of the Foreign Exchange Management Act (FEMA), 1999 as well as by the regulations contained in Notification issued by RBI viz Notification No FEMA. 21/2000-RB dated May 3, 2000, as amended from time to time. The persons resident outside India are categorized as Non- Resident Indians (NRIs) or a foreign national of Indian Origin (PIO) or a foreign national of non-Indian origin. A person resident in India who is not a citizen of India is also covered by the relevant Notifications.
2. Statutorily, under the provisions of Section 6(5) of FEMA 1999, a person resident outside India can hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was a resident in India or inherited from a person who was a resident in India.
3. The regulations under the Notification No FEMA 21 dated May 3, 2000, permit an NRI or a PIO to acquire immovable property in India other than agricultural land or, plantation property or farmhouse. Further, foreign companies who have been permitted to open an office in India are also allowed to acquire any immovable property in India, which is necessary for or incidental to carrying on such activity. This stipulation is not available to entities that are permitted to open liaison offices in India.
4. The relevant regulations covering the transactions in the immovable property have been notified vide RBI Notification No.FEMA 21/2000-RB dated May 3, 2000, and this basic notification has been subsequently amended by the notifications detailed below:
• Notification No.FEMA 64/2002-RB dated June 29, 2002
• Notification No.FEMA 65/2002-RB dated June 29, 2002
• Notification No.FEMA 93/2003-RB dated June 9, 2003
• Notification No. FEMA 146/2006-RB dated February 10, 2006 (available with A.P.(DIR Series) Circular No. 5 dated 16.8.2006
All the above notifications are available on the RBI website: www.fema.rbi.org.in
5. The restrictions on acquiring immovable property in India by a person resident outside India would not apply where the immovable property is proposed to be acquired by way of a lease for a period not exceeding 5 years or where a person is deemed to be resident in India. In order to be deemed to be a person resident in India, from the FEMA angle, the person would need to comply with the criterion for residency as defined in Section 2(v) of FEMA 1999. However, citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan cannot acquire or transfer immovable property in India, (other than on lease, not exceeding five years) without prior permission of the Reserve Bank.
6. NRIs/PIO are allowed to repatriate an amount up to USD one million, per financial year (April-March), out of the balances held in the NRO account subject to tax compliance. This amount includes sale proceeds of assets acquired by way of inheritance or settlement.
7. While the statutory and regulatory provisions are indicated above, we have been receiving several queries from individuals on operational procedures regarding acquisition, holding, and transferring of immovable property in India and repatriating/remitting the proceeds arising from the sale of such property. In order to clarify these issues, we have attempted a set of FAQs on various issues relating to the acquisition and transfer of immovable property in India by a person resident outside India and a person resident in India who is not a citizen of India.
In case there are other issues to be resolved, a reference may be made to the
Chief General Manager-in-Charge,
Foreign Exchange Department
Foreign Investment Division,
Reserve Bank of India,
Mumbai- 400 001.
The first step. The first rain. The first love. The magic they create is beyond words. You have to experience it with your heart and soul. Sawantwadi a neat little town in Kokan has the quality, beauty, and purity to invoke such blissful first love and it has, in the hearts of many. If you are among those who cherish Kokan as your first love, here is your opportunity to own your second home in it. It is a residential opportunity crafted for your entire family. It has 55 twin bungalows surrounded by the breathtaking beauty and studded with amenities. Just the place to spend quality time with your loved ones. So if you are in love with Kokan, do not miss this opportunity to own a bungalow in the mesmerizing SonBahava.
Beautifully landscaped garden State-of-the-art gymnasium Children’s play area Sit Outs for Senior Citizen Abundant water, Inverter Back-Up Party LawnIndoor GamesInternal tar roads, 24 x 7 Sit Security Swimming Pool Ayurvedic Garden
The upcoming project of 350 Flats Mini-Township in the Konkan area. Their tradition of aesthetics, utility, quality, and transparency is evident in all their endeavors.