Owning a wonderful home in India is a fond dream in the mind of almost every Indian living abroad. However, buying a property when you're that far away can be a harrowing experience with the cumbersome process of getting legal documents in order along with approvals of the plan, layout and more. Moreover, first-hand knowledge about the chosen location is key in making your decision a viable investment. Which is why you need a reliable partner, trusted in the industry for over 20 years, by your side as you make your decisions? At Concorde Group, we are a dedicated team that understands the needs of a non-resident property buyer.
In the unusual event that you need more convincing, consider our accomplishments. For over two decades, the Concorde Group Group has been engaged in creating homes that are designed to include all amenities and comforts but more importantly, that are designed with true customer insight. The result is an accomplished portfolio that includes premium residential projects and turnkey solutions for national and multinational clients. With over 8 million sq. ft. of built area including homes, offices, technology parks, malls, hospitality projects and a list of clients including Wipro, Sasken, Future Group, SAP Labs and Toyota, we have made a mark in every dimension of the real estate business.
Our residential projects, be it luxury villas, apartments or penthouses, bring about a perfect marriage between aesthetic designs with functional architecture at premium locations in Bangalore, Pune, Mumbai and Goa. Now if you are interested in a Concorde Group property, we can help you choose the home of your choice. Please fill out the form below to indicate your preference, give us a few personal details about yourself & someone from our NRI Sales Team will get in touch with you shortly to take things forward.
RBI Guidelines specific to Investment in Immovable Property for Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
NOTE: The below stated information has been taken from the FAQs section of the Reserve Bank of India, which was last updated on the 6th April 2011. We aim to keep updating this section with relevant information from time to time, however to ensure you have the latest information, you may also visit – rbi.org. In terms of the Foreign Exchange Management Act (FEMA), 1999 a person resident outside India means a person who is not resident in India.
Yes! The Reserve Bank of India has clearly granted permission to all Non Resident Indians (NRIs) & Foreign Citizens of Indian origin (PIOs) to acquire & dispose immovable property in India, be it Residential or Commercial Property. However the RBI has a restriction on the purchase of Agricultural Land/Plantation Property or Farmhouses in India.
What are the different types of accounts which can be maintained by an NRI1/ PIO2 in India?
If a person is NRI or PIO, s/he can, without the permission from the Reserve Bank, open, hold and maintain the different types of accounts given below with an Authorised Dealer in India, i.e., a bank authorised to deal in foreign exchange. NRO Savings accounts can also be maintained with the Post Offices in India. However, individuals/ entities of Bangladesh and Pakistan require the prior approval of the Reserve Bank.
Who is an NRI?
Ans: Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are: Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad; OR Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; OR Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organisation (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP) OR Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.
A foreign citizen is deemed to be of Indian Origin if : i) he held an Indian Passport at any time or ii) he or his father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal.