Likewise, the definition of Person of Indian Origin (PIO) 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 (i) at any time, held Indian passport, or (ii) who or either of whose father or whose grandfather was a citizen of India by virtue of Constitution of India or the Citizen Act, 1995
An NRI or Person of Indian Origin (PIO) can own both residential as well as commercial properties in India and there is no restriction on the number of properties NRI can buy. However, NRI cannot purchase any agricultural land, farm house and plantation property. NRI can have ownership of such property only if they've been gifted or inherited.
Also, the monetary transaction must be in Indian rupees (INR) and through normal banking channels using an NRI account.
Lenders will be more than happy to fund your purchase provided the NRI is eligible and the property papers are clean.
According to RBI norms, a maximum of 80% of the value of property can be funded by a financial institution. Rest has to come from the NRI's personal resources. Indian financial institutions give rupee loans and so the same needs to be repaid in rupees only.
Since all transactions must happen through the banking channel, repayment has to be done by inward remittances.
NRI can directly get the money remitted from NRO/NRE account in India or issue post-dated cheques or Electronic Clearance Service (ECS) from NRI’s NRE, NRO or Foreign currency Non Resident (FCNR) account.
LIn case the NRI wants to let out the property he/she can use the rent to repay the loan as well. Cheques issued from a relative's local account can also be used to make the loan payments.
If you are buying an under-construction property, your developer may ask for a power of attorney (PoA) favouring them. This is not unusual and would make documentation work slightly easier and quicker.
A PoA can be given to execute any contracts, deeds as well as mortgage, lease or even sell. So make sure the kind of authority you are giving to the person through the PoA. Just get it worded properly by a professional lawyer you trust.
Also, if and when you want to dispose the property, it is a good idea to have a PoA given to a resident Indian who may be able to act on your behalf to complete formalities such as registration, possession, execution of agreement of sale, etc.
You need to decide on whether you want to repatriate the money or not. If you want to repatriate, it needs to come in foreign currency from an overseas account, NRE or FCNR account. One can repatriate up to the amount invested in the property.
The other condition is that repatriation cannot exceed the foreign exchange amount paid for purchase of property through banking channels. Refund of application money, advance on cancellation has no limitations. Also, it must be noted that an NRI cannot repatriate proceeds of more than two properties.
Chennai is a famous metropolitan city with good demand for its properties on both national as well as international level. Properties in Chennai are in demand not only among the local buyers but the property investors from other parts of the country as well the world. NRIs are now willing to invest here for the unparalleled advantage of high returns on investment. The property prices in Chennai are multiplying day by day and so is the demand. Therefore the property investors are sure to make lucrative profits. Moreover when investment is done with careful and proper analysis about the location, value and various other factors favoring an investment in property, would definitely earn long term earnings for the investor as the property demand is unlikely to fall down for at least a few years to come.
I was looking for the best location to construct an independent house that would satisfy all green criteria at affordable cost. My friends and I explored scores of land opportunities and offers around Chennai. Lucky was our day when we met the people of Ananda Green Manthra, a proposed gated community project with DTCP approval at Oragadam. The promoter along with his team members, extended great warmth and courtesy by taking us to the site and explaining the features and benefits of the location. They answered all our questions and dispelled all doubts about the project. The moment we saw it, we were convinced about the quality aspects of the project and decided to make it our own. I could not imagine any other housing plots around Chennai that would have a congestion free, mix of many inter-connecting highways in proximity, enabling one to travel quickly in any direction out of town, I plan to build my own house because I see this as the optimal post retirement nest for enjoying a relaxed life with clean air, noise free, travel friendly scenario, etc. We and scores of others including my sister in the USA have just completed the registration process. I can't wait to retire now! Thanks a million to the friendly folks of Ananda Green Manthra for assisting me at every stage. I wish them all success.
"Ananda Habitat" is an Excellent Project in the Prime Location which is very close to Industrial Hub.I will always prefer this site those who wants to buy a land in Oragadam.Documents are very clear and no hidden things.Especially the approach of sale executives is excellent.My Best wishes to "Ananda Developers Team" for their future projects.
Caparo Engineering India Ltd,
We extend our compliments to everyone at Ananda Green manthra both for the quality of the workmanship and the entire purchasing process. Unquestionably, the purchase of our plot was the most pleasant and easiest residential purchase we have made.We are new to the Chennai and we were concerned about buying a home in a community new to us during challenging economic times. We considered other new communities from other builders. Ultimately, we chose Ananda habitat because of reputation Fair and honest Approach. Whenever we inquired about you, no one had any negative comments. We found ananda's reputation to be well deserved when we experienced the service delivery our self.From the moment that I first inquired about ananda habitat via e-mail, through the closing and now through our first five months of ownership the entire Ananda team has been Honest, pleasant, efficient and responsive.The manner in which customer problems are handled separate adequate companies from superior companies. Here too we have nothing but praise for Ananda. Thanks again to all at Ananda for comforting us. We have told everyone who has asked how pleased we are with our experience with Ananda, and will continue without hesitation to praise and recommend your company.
KM Dastur Reinsurance,
First of all, i would personally thankful and also grateful to your entire organisation for the kind co-operation extended to us for the purchase of Plots from your esteemed organisation. Right from the plot selection to Registration, each and every officials of the organisation have extended their kind co-operation to the fullest satisfaction of mine. I also had an opportunity to discuss with MD in person at the Registrar Office and also thankful for the same. It is my immense pleasure to thank your entire organisation. Hats off to your organisation for the commitments.
We would like to thank Ananda Green developers in finding us the right property and most importantly within our budget. Before reaching out to Ananda, we have enquired many property developers but we are not convinced by their response. Ex. They will say the property is at 'X' kms from Tambaram, when you actually visit the place it will be min 'X+10' kms from Tambaram.It is like cheating the customer without giving the right facts.
The difference between success and failure is a great team. Good that Ananda Green Developers have great team working for them.
All the Ananda staffs were truly professional and very transparent about the property and we didn't see any difference in what they have committed. The Final deal is a win-win for us and as well as Ananda. Happy to be part of Ananda's customer.
We wish your Company continued success and prosperity.
We appreciate and like the way the development activities have been planned and executed at your project Ananda Habitat - Oragadam, with the amenities provided in the project like water Supply, Sewage System, Electricity and also the plan you have put into place for Aroma and Avenue Plantation will add an unique value in terms of Aesthetic of the area and also help in clean, green and fresh environment.
We would once again thank Team Ananda for the efforts and services you have extended to us in the coordination of purchase and registration of our property.
Retired - Ashok Leyland