India’s real estate is changing little by little every day, and plentiful avenues for investment have emerged like never. Global markets experience appreciation in Real Estate, because of which India comes under the spot light as an attractive investment destination. Non-Resident Indians (NRIs) looking to establish a re-connect with their homeland, have numerous options to choose from. Casagrand brings you premium homes from across South India, with bright opportunities to invest in your dream home.
Booming property market with growth across India
Great appreciation values for higher returns
Tax benefits with long-term gains
Variety of investment opportunities across cities
Flexible home loan options available
Versatile down payment options compared to other forms of investment.
Casagrand bring you
Superior homes that you can invest in
Homes of various configurations across Chennai,
Coimbatore, Bengaluru and Kodaikanal
Superior homes with Branded fittings and
no wastage of space
Homes located at prime locations at the best
market price point
Best State of art facilities with kids and
senior citizen friendly zones
Timely delivery of projects, Multi level Quality checks
and great Customer support
Frequenty Asked Questions
Compiled for NRI's investing in India
An NRI is any citizen of India who is not residing in India and has resided in India for less than 182 days in the preceding financial year. NRIs have professional or other commitments which require them to live outside India for an indefinite period of time. However, NRIs still have opportunities to buy real estate in India.
A PIO is any citizen not of Pakistan or Bangladesh who has:
At any time held an Indian passport
Parents or grandparents who are citizens of India according to the Indian Constitution
A spouse who is an Indian citizen or PIO (for the purpose of bank deposits)
A PIO can also buy real estate in India, and invest in Indian properties.
An OCI is a person who is a citizen of another country, but also:
Held an Indian citizenship at some point
Was eligible for an Indian citizenship at the time of the commencement of the Indian Constitution
Belongs to a territory that became part of India after Independence
With NRI investment in India growing at a large rate, an OCI can also buy real estate in India.
According to guidelines laid down by the RBI, the following can purchase property in India:
A Non-Resident Indian (NRI)
All three categories are generally referred to as NRIs for the purpose of opening bank accounts, for bank deposits, for purchasing property, etc. NRI investment in India shows great potential, and any of the aforementioned can buy real estate in India.
The RBI allows NRIs to purchase immovable property in India including:
However, NRIs are forbidden from purchasing:
If you are looking for NRI investment in India and want to purchase one of these, you will need to specially apply to the RBI for permission and your case will be considered separately.
While presenting documents to buy real estate in India, NRIs fall under two categories: salaried individuals and self-employed individuals.
Salaried NRIs looking to invest and buy real estate in India should have the following documents:
PIO card/OCI card (if applicable)
Power of attorney documents
Latest salary pay slips for the past 6 months
Income tax returns for the last 2 years
Copy of employment contract
Appointment letter (if applicable)
Work permit (if applicable)
Bank statement for the past 1 year from external bank account
Bank statement for the last 1 year from Non-Resident External (NRE)/Non-Resident Ordinary (NRO) account
Property related documents
NRIs who are self-employed individuals looking to buy real estate in India should have the following documents:
PIO/OCI card (if applicable)
Balance sheet of company for the last 3 years
Profit and loss accounts for the last 3 years
Bank account statement of individual account for the last 6 months
Bank account statement of company account for the last 6 months
Income tax returns from the last 3 years
Power of attorney documents
Anybody who wants to make an NRI investment in India should possess the following documents:
Authorized building plan
NOC from Electricity Supply, Pollution Control Board, Water Department
Sale agreement between builder and previous owner (if applicable)
Possession letter from the builder
Khata certificate and extracts
Encumbrance certificate (in case of there being a previous buyer)
For more details, read our article on Mandatory Documents NRIs Need While Investing in Indian Realty.
NRIs who want to buy real estate in India need to appoint a power of attorney who can act on their behalf.
There are three types of PoA’s for NRI investment in India:
A Special PoA has only limited powers, usually restricted to a particular kind of transaction.
A General PoA can act on behalf of an individual for a wide range of transactions without any limitations.
A Durable PoA has lifetime powers and can even make decisions for an individual when they’re incapacitated.
With regard to real estate for NRI investment in India, a PoA can:
Mortgage, exchange, sell, lease, collect rent on behalf of an individual
Manage and settle any disputes which arise
Perform acts required by banks and insurance companies and enter into contracts, deal with bonds, sign documents, etc.
The following steps need to be completed to grant someone PoA status:
Draft the PoA agreement on non-judicial stamp paper
Visit Sub-Registrar’s office with legal representative and two witnesses
Carry ID proof, two passport size photographs, copy of PoA agreement along with original
Signatures, photographs and fingerprints of both parties will be collected
Visit Sub-Registrar’s office again to collect registered PoA agreement once it’s completed
If you are an NRI looking to buy real estate in India, loans can be made available. Here are the guidelines to follow for home loans that cater to NRI investment in India:
Period of repayment and amount given as loan shall be decided by the bank providing the loan
Rate of interest is decided by the RBI or National Housing Bank
The loan amount will not be credit to the NRE/Foreign Currency Non-Resident (FCNR)/Non-Resident Non-Repatriable (NRNR) account
Loan installments will be paid through normal banking channels
Here are the documents needed for home loans that cater to NRI investment in India:
Copy of passport
Copy of work visa
Address proof (utility bill, bank statement, lease agreement)
Salary statement for the last 6 months
NRE/NRO bank account statement for the last 6 months
Power of attorney documents
2 passport size photographs
Copy of PAN card
List of documents for salaried/self-employed individuals as well
NRIs need to file income tax returns for investments if:
Taxable income in India during that year was above 1.6 lakhs
Short-term or long-term capital gains from sale of investments or assets were made (even below 1.6 lakhs)
For those looking to make an NRI investment in India, you will be exempted from filing income tax returns if:
Long-term capital gains were from equity shares or equity mutual funds
If tax has been deducted at source from income through investments and or/capital gains income
There are three ways NRIs can file income tax returns:
They can give power of attorney to someone to file their returns on their behalf
They can send their documents to an agent in India
They can file income tax returns online
With these, an NRI can easily buy real estate in India and sail a smooth journey throughout.
For NRI investment in India, some of the assets taxable under CGT include:
Some of the assets which don’t fall under CGT include:
Capital gains invested in NHAI bonds or in Rural Electrification Corporation
If long-term capital gains from the sale of a house is invested in buying another house. In such cases, the amount exempted is either the amount of capital gains or the amount invested in buying the new house, whichever is lower
If the property was bought through foreign exchange sources (through normal banking channels/ NRE debit/FCNR account), then amount repatriated cannot exceed:
Amount paid in foreign exchange through normal banking channels
Amount paid through NRE debit/FCNR account
If the property was bought with Indian rupees, NRIs who want to buy real estate in India can remit not more than 1 million USD per financial year from balance held in NRO account.
Rental income from any real estate in India can be repatriated after deduction of tax. But amount repatriated cannot exceed the amount paid in foreign exchange for property.
For NRI investment in India, acquiring the property in itself is not taxable. However, the following are subject to income tax:
Income gained from property in the form of rent
Annual value of the house if it is not the only residential property owned by the individual