NRI

A non-resident Indian who wishes to buy a property in India, should be aware of the regulations that govern the acquisition and sale of property, as well as income earned from the property. Non-resident Indians (NRIs) have been a significant segment of investors, in the Indian real estate market. NRIs generally buy properties in India for investment purposes or out of their emotional connect with their country and for settling back, once they retire. According India has emerged as a lucrative spot for international capital.

Financial transactions by NRIs

When it comes to property transactions in India, NRIs/ PIO can make payments out of:

• Funds remitted to India through normal banking channel.
• Funds held in NRE/ FCNR (B) / NRO account maintained in India.
• No payment can be made either by traveller’s cheque or by foreign currency notes.
• No payment can be made outside India.