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Frequently Asked Questions

Have a question about layout development?
We have answers! Below are some of the most common questions our customers ask. If you don’t find what you’re looking for, feel free to reach out to our support team for assistance.

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Call: (+91) 87788-99100
Email: [email protected]
Visit: E1, Vijyasurya Residency, Appanaicken Palayam, Thudiyalur, Coimbatore – 641 034.

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GENERAL FAQS

Are there any limitations on the quantity of properties I can purchase in India?

NRIs are not limited in the number of residential or commercial properties they can own in India. However, regulations prohibit NRIs from acquiring agricultural land, plantation property, or farmhouses in the country.

What documents are necessary for the purchase of a property in Tamil Nadu?

1.Pan Card (Permanent Account Number).

2.OCI/PIO card (in case of OCI/PIO).
3.Passport (in case of NRI).
4.Passport size photographs.
5.Address proof.

If I plan to rent or sell my property in India, what is the tax treatment for the income generated from these activities?

1.Rent, if the house is let out
2. Annual value of the house, if it is not the only residential property owned by this person in India
3.Any short term or long term capital gains stemming from the sale of the house However, no tax is levied for simply acquiring a property in India.

Do I need to take consent from the RBI prior to purchasing a property in India?

Non-NRI does not require consent to buy any immovable property other than agricultural/plantation property.

How do I make payment for purchase of residential/commercial property in India?

There are two options:
a) Funds remitted to India through normal banking channels
b) Funds held in NRE/FCNR (B)/NRO account maintained in India

Can the proceeds from renting or selling the property be remitted to another country?

You can repatriate the rental income after paying the necessary tax applicable to the income generated. There are certain rules governing the repatriation of income generated from the sale of a property in India- – The amount to be repatriated does not exceed (a) the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in foreign currency non-resident account or (b) the foreign currency equivalent, as on the date of payment, of the amount paid where such payment was made from the funds held in non-resident external account for acquisition of the property. In case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties. Authorized dealers can allow remittance up to USD 1 million for any purpose, per calendar year from balances in NRO accounts subject to payment of applicable taxes. – If the property was acquired out of Rupee sources, NRI/PIO may remit an amount up to USD one million, per financial year, out of the balances held in the NRO account (inclusive of sale proceeds of assets acquired by way of inheritance or settlement), for all the Bonafide purposes to the satisfaction of the Authorized Dealer bank and subject to tax compliance. The NRI/PIO may use this facility to remit capital gains, where the acquisition of the subject property was made by funds sourced by remittance through normal banking channels/by debit to NRE/FCNR(B) account.

Can I gift my residential/commercial property?

1.person resident in India or
2.an NRI or
3. PIO.

What are the guidelines for NRI/PIOs to obtain loans for purchasing a residential/commercial property in India?

1.The loan amount should not be more than 80% of the cost of the housing unit.
2.Own contribution, which is the cost of housing unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India
3.Reimbursement of the loan, comprising of the principal and interest including all the charges should be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India

What are the key points that I should keep in mind before I invest in real-estate in India?

We suggest you to assess any property that you plan to buy on the following factors:
1.Location- ease of transportation, connectivity, presence of schools, hospitals, restaurants etc.
2.Quality of Construction
3.Car parking Space
4. Water supply, electricity and other utilities
4. Different costs involved- price, stamp duty, registration charges, transfer fees, cost of utilities, monthly outgoings and society charges
5.Potential for resale or renting out of the property
6.Distinct infrastructural of location based advantages of the property

What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

BUYERS GUIDE

Type of Home Loans

There are different types of home loans available to meet the varied needs

1.Loans to purchase a home
2.Home Improvement loans
3.Home construction loans
4.Home conversion loans
5.Home Extension loans
6.Purchase of land loans
7.Bridge loans
8.Balance transfer loans
9.Refinance of a loan
10.Stamp Duty loans
11.Housing loans for NRI’s to build/buy a house in the country

 

Loan Amount Range

From Rs. 1 lakh to Rs. 1 crore

Loan Repayment Range

From 5 to 20 years.

Cheapest Home Loans

Keep the loan period constant and calculate the total amount paid for the home through the different loan options available.

BUYERS CHECKLIST

Where do I begin?

Clarity regarding your requirements holds significant importance, aligning them with the project specifications at hand. Beyond the home’s specifications, there are various other factors to take into account.

What steps should I take when buying a home?

When purchasing a home, it’s crucial to conduct a thorough background check on the builders you’re dealing with. Get to know the builder: Starting with an established company known for its history of solid construction and ethical policies is essential. Review their credentials carefully. Consider the company’s track record for delivering projects on time. If there have been delays, investigate whether there’s a recurring pattern. Legal matters should not be overlooked: Check if there are any ongoing litigations in Indian courts against the company, and verify if any of the company’s directors are involved in criminal cases. Once you’ve verified the builder’s reputation, it’s time to delve into the specifics of your preferred project.

Do certain features come with additional costs?

Many high-quality projects typically include a standard set of amenities such as a swimming pool, gym, and common recreation areas. However, additional amenities may be available at an extra cost. It’s essential to look out for features that are commonly expected, such as pre-connected telephone, TV, and internet cables, security systems, and interior design options.

Should I familiarize myself with specific terminology?

Become acquainted with the specific measurements used in the project:
– Carpet Area: This refers to the floor area of the apartment or building excluding the area occupied by walls.
– Built-up Area: This includes the floor area along with the area occupied by walls.
– Super Built-up Area: This encompasses the built-up area as well as the space occupied by common areas like lobbies, lifts, and stairs. This term is relevant primarily for multi-dwelling units.

Understand the relationship between the carpet area and the built-up area. Note that balconies are typically considered part of the carpet area. Review the plans to ascertain the proportion of the carpet area that consists of unroofed spaces. Additionally, familiarize yourself with the shared common areas among apartments and the associated regulations governing their usage.

Do I need to be concerned about any legal matters?

When buying a property, it’s essential to review the approved layout plan, building plan, ownership documents, and conduct a thorough search. It’s recommended to consult with a lawyer before finalizing the purchase, as they can provide valuable advice. Additionally, be aware that certain areas may have specific commercial or residential reservations, so ensure you have comprehensive details before making any commitments.

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