NRI Corner  
Among the top real estate developers in India, Roongta has created a niche in the real estate industry.  With our exponential growth and success in real estate sector, we invite NRIs to invest in our residential projects.  Since our beginning, we have been consistently providing quality lifestyle coupled with a better living prospect in premier locations.

The boom is also attracting interest from foreign players.  In recent years, Non-resident Indians (NRIs) have played a very important role in transforming the Indian real estate market.  Opening –up of the Indian economy provided them with new opportunities and they have shown a great deal of confidence in the changed set up.  Since 1994, NRIs have invested a sizeable amount, of which a big chunk has found its way into the property market participation by NRIs has brought about a lot of maturity in the market which in the past had solely banked on the actual users.

The Reserve Bank has granted a blanket permission to NRIs to purchase property in India for their residential and commercial purposes.  There is also no limit on the number of investments or the quantity of investments that can be made in real estate.  The immovable property can be purchased by inward remittances from any place outside India or through fund maintained in NRI accounts in the banks within the country.

NRIs/OCBs can open the following types of accounts with banks in India, which hold authorized dealer licenses, as also other banks, specifically authorized by the Reserve Bank to maintain accounts in the names of NRIs/ OCBs.


    Non-Resident (Ordinary) account- NRO A/C
   Non-Resident (External) Rupee Account – NRE A/C

What is the distinction among NRE account and NRO account?
Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO account are not generally repatriable.  Repatriation of balances held in NRO accounts is allowed subject to certain conditions.  Funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can be credited to NRE accounts.  Funds due to the non-resident account holder which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts.   The interest income earned on NRO attracts income tax deduction at source.

Does the Agreement of Sale have to be registered?
In many states in India, the Agreement of Sale between the builder and purchaser is required by law to be registered.  You are advised in your won interest to lodge the agreement for registration within four months of the date of the Agreement at the office of the Sub Registrar appointed by the Ste Government, under the Indian Registration Act, 1908.

While purchasing real estate most developers demand a Power of Attorney in their favor, is there a way to avoid it?
One can choose not to grant the Power of Attorney to the developers.  However this will mandate the mailing of all documents to your foreign residence and associated time delays.  A good compromise is to grant the POA to the builder only for specific necessary items.
  Frequently Asked Questions

Click on these frequently asked questions to know more

Who Is A Non-Resident Indian (NRI)?

An Indian citizen who stays abroad for employment/carrying on business or vocation 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. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non- resident Indian citizens (NRIs).

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 grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955

What Are The Verious Facilities Available To NRIs/OCBS?

NRIs/OCB's are granted the following facilities: 1. Maintenance of bank accounts in India 2. Investments in securities/shares of, and deposits with, Indian firms/companies 3. Investments in immovable properties in India

Who Can Purchase Immovable Property In India?

A.1 Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI) - that is a citizen of India resident outside India ii) Person of Indian Origin (PIO) - that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who 1. at any time, held Indian passport, or 2. who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The general permission, however, covers only purchase of residential and commercial property.

Can NRI's Sell The Properties They Hold In India Withour Reserve Bank's Permission?


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.

What Is Power Of Attorney?

A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power). A Power Of Attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property. A Power Of Attorney, or letter of attorney, is a document that authorizes another person, known as the agent or attorney-in-fact—usually a legally competent relative or close friend over 18 years old—to handle any combination of financial, legal and health care decisions. A power of attorney is also referred to as a POA. Generally, one chooses a POA as a provision if he or she becomes incapacitated. Types of Power of Attorney A Power Of Attorney (POA) is an instrument that is used by people to confer authority on somebody else to legally act on their behalf. POA are of two types. Special Power of Attorney (SPA), while an SPA is used for transfer of a specific right to the person on whom it is conferred. General Power of Attorney (GPA), the GPA authorizes the holder to do whatever is necessary. There is no sale clause of immovable property mentioned in POA (notarized) Registered POA from registration office allows sale clause and POA to any one Following are the important things to be kept in mind while executing the POA Customer Prepares POA as per defined format. Executants has to paste his/her photograph along with signature on each page. Authenticate/adjudicate the POA from Indian Embassy or local authority. Send authenticated/adjudicated POA in India. In India, the POA holder has to paste his/her photograph along with his/her left hand thumb impression and signature. Then this document will have to be stamped for Rs. 500/- (ESBTR, Franking, Stamp paper) and notarised from a Registered Notary. Please ensure that a stamp of “Before Me” is affixed on the document. POA holder and executants Photo ID attach before Notary.

What Is Loan Sanction Process And It's Documentation?

The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the works contract, etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.

Salaried NRI Applicants Self-Employed NRI Applicants
Copy of valid passport showing VISA stamps Passport copy with valid visa stamp
Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder Brief profile of the applicant and business/ Trade license or equivalent document
Overseas Bank A/C for the last 3 months showing salary credits 6 months overseas bank account statement and NRE/ NRO account
Latest contract copy evidencing Salary / Salary Certificate / Wage Slips Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)


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