NRI Services

Today, property buying and selling has become faster, complex and competitive in all the ways. It is not just getting a property but fulfillment of a dream. Our main goal is to provide quality service to the people in acquiring their dream property. The member's contentment is foremost in all our services.

If you are a member who is thousands of miles away from the home country and want to own a property or you have a property for which you need to find a tenant or buyer, to handle the property or just want the property to be maintained, we take the pride to undertake NRI services with at most care and caution.

We offer the following NRI Services :

If you want to buy a property in a particular area and you need to know the details of the same, we will give a report about the availability of the property through email.

Under this package, we send you details of 5 premium properties in the location of your preference.These E-mails include details such as the address, the property description, the cost of the property and much more.

Send your requirements details to 1000's of sellers in Mumbai and collect responses and send summary once a week, till we find the seller for your requirements.

We will also monitor newly added listings on our site, If it suits your requirements we will call you and inform.

If you have decided to buy/sell the property and if a request is made for price negotiation,our service team will negotiate with buyers and sellers regarding the price on your behalf. You can very well relax without any stress or tension, as once our service team takes up a task; it means "YOUR JOB IS DONE".

As we are aware that a lot of formal and legal procedures should be followed during the deal, we assist you in all such essential transactions throughout the process of property negotiation.

Attaining the ownership of the property should be simple and without stress.

Our Specialized NRI services team will deal with all the legal works to be carried out during the whole process.

This online NRI service will make you feel easy to own a property sitting leisurely at your home. Our team members will verify the property directly in person and confirm its reality.

Once the service team concludes the process of legal verification, we make an assurance for the property after which you can splendidly proceed with the dealings with full confidence.

Our NRI Services team is dedicated to property care of the members.

Maintaining the property is most important which will be taken care by our NRI service team.Whether the owned property may be given for rental or for any other purpose, we offer the total Property care which includes the following services.

1. Rent collection
2. Tax payment
3. Monthly visit
4. Maintain Property Residing in some other country, you might not wish to buy a property with out having a glance at it.Hence, on your request, we provide you with additional photos and video which enables you to have a look at the property.

NRI

Q.1. What way the Non-resident Indian can finance purchase of the flat?

Ans. The purchase of the flat can be financed from the fresh remittance through the normal banking channels or from payment from NRE / FCNR / NRO accounts. The Non-residents Indians can now avail of the facilities offered by the Housing Development Finance Corporation (HDFC) to own a house in any major city in India, under what is called as "Non-resident Certificate of Deposit" (NRCD) Scheme. HDFC offers to the non-residents Indians some valuable benefits such as allocating of house/flats constructed by. HDFC Developers Limited (the wholly owned subsidiary of HDFC) or flats obtained by HDFC on a preferential basis from reputed builders, a housing loan on priority basis as per HDFC lending policy and a periodical newsletter informing house purchase opportunities available in major cities in India. Non-residents Indians who are citizens of India (India Passport holders) are eligible for housing finance for the acquisition of an immovable property or construction of a new house or a flat for their occupation or for that of their family in India.

Q.2. Since the Non-resident Indians are staying abroad can the property be purchased through the agent or through the Power of Attorney?

Ans. The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favor as it is not possible for them to be present for completing the formalities of purchase. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.

Q.3. In what circumstances the Indian National, residents outside India do not require permission from the Reserve Bank of India for purchase or sale of immovable property?

Ans. Indian nationals resident outside India do not require any permission from the Reserve Bank of India for purchase or even sale of immovable properties in India provided purchase or sale consideration is settled in a manner which does not violate foreign exchange control regulation in India. Thus properties may be acquired in India either by remittance of funds from abroad through normal banking channels or by payments from purchasers. Ordinary Non-resident Account/Non-Resident (External) Account/National Defense Remittance Scheme Special Account with bank in India. When the property has been acquired in India, income thereon as well as sale proceeds of the property sold at a later date can be repatriated upto US $ one million per year from NRO account.

Q.4. What are the deductions allowed from the income from the house property?

Ans. Deductions in respect of income from house property include the following:
Taxes levied by a local authority in respect of the property, to the extent borne by the owner, in respect of property let out in rent.

Annual value upto Rs. 3,600 per year, for five years, in the case of a residential unit in a new building comprising one or more residential units, where erection is completed after March 31, 1982 and the property is not in the occupation of the owner.

Q.5. What are the provisions regarding payment of stamp duty and registration charges?

Ans. Stamp Duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee. Certain payments are not entitled to the deductions such as:

Admission fee, cost of. share and initial deposit paid for

Becoming shareholder of a Company or member of a Co-operative Society.

Cost of land, unless the cost of the land and house property is a composite amount and the cost of the land alone cannot be separately ascertained.

Cost of addition/alteration/renovation/repair of house property after the completion certificate of the house is issued by the competent authority or after it has been occupied by the assessee or other person on his behalf, or been let out.

Q.6. When wealth tax is payable in respect of the flat?

Ans. One house if included in the exemption limit of Rs. 5 lacs which is available along with certain other assets under the Wealth Tax Act. In addition, there is a basic exemption limit of 2.5 lacs for wealth tax purpose.

Q.7. What are the provisions regarding the Estate Duty on taxes?

Ans. Estate Duty has now been abolished for deaths occurring on or after March 16, 1985 and therefore, will not be applicable in such case.

Q.8. What are the provisions if the Non-resident Indian has to sell his flat? Is the permission of Reserve Bank necessary?

Ans. No permission is required from the Reserve Bank of India for sale of immovable property in India.

Q.9. What are the provisions regarding income from flat acquired in India? Can the sale proceeds be permitted to be transferred abroad?

Ans. The income from property acquired in India, and the sale proceeds where it is sold at a later date, will not be permitted to be repatriated abroad even if the purchase of the property had been through foreign exchange remitted to India from abroad or out of an NRE account.

The sale agreement may be signed by the buyer and the seller or by the person holding his power of Attorney. A "No objection Certificate" will have to be obtained from the Income Tax Authority in case the value exceeds Rs. 10 Lacs. The Government has a right to purchase the property. In the case of a Co-operative Society, the shares will have to be transferred in the name of the buyer. The sales proceeds received should, be carefully dealt with from the point of view of capital gains.