Sky Seven Infratech Pvt. Ltd. is Vadodara’s premier real estate developer providing comprehensive residential and office space solutions across real estate categories. Headquartered in Vadodara. The group has consistently delivered luxury lifestyles through innovative solutions, not just by building structures but by building better lives. Sky Seven Infratech collaborates with leading professionals and suppliers for facilities management, to deliver excellence in every aspect of development. We understand the requirements of our NRI clients and provide real estate solutions which fit their needs.
Definition of an NRI:
An Indian Citizen who stays abroad for employment/ carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/ State Government and Public Sector Undertakings on temporary assignments are also treated as non-resident) Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens.
Who is a PIO ?
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:
- Held an Indian Passport at any time, or
- Who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955
For Investment in immovable properties:
A foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri lanka or Nepal), is deemed to be of Indian origin if,
- He held an Indian passport at any time, OR
- 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 ( 57 of 1955).
Additional Details:
Acquisition and Transfer of Immovable Property in India by a person resident outside India. These FAQ’s have been prepared in order to address various issues relating to acquisition and transfer of immovable property in India by a person resident outside India under the provisions of the Foreign Exchange Management Act, 1999. These FAQs seek to cover the broad spectrum of issues relating to acquisition and transfer of immovable property in India by a non-resident Indian (NRI) or a foreign national of Indian origin (PIO) or a foreign national of non-Indian origin as also by a person resident in India who is not a citizen of India
Can NRI’s sell the properties they hold in India without reserve Bank’s Permission ?
Yes
Can NRI’s Acquire or Dispose residential property by way of gift ?
Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.
Can NRI’s Acquire Commercial Properties in India ?
Yes, under the general permission granted by the Reserve Bank, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser’s NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
Can NRI’s obtain loans for acquisition of a House / Flat for Residential purpose from Financial institutions providing housing finance ?
The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.