NRI CORNERWHY INVEST IN INDIA?

The Indian economy has consistently ranked in the top 5 of the fastest growing economies in the world over the past 3 decades. There is no better time to invest in real estate in India. With rapid urbanization, India’s tier II cities are on the rise and developing fast. Buying a property back home is the top-most priority of every non-resident Indian. Dehradun has ranked 5th in India in the list of cities where NRI’s prefer to buy a home and settle post retirement.

NRI CORNERWHY DEHRADUN?

Dehradun, capital city of Uttarakhand is emerging as the new investment destination for people around the world with a boom in the Real Estate sector. Buying a residential housing facility in Dehradun not only provides an investment prospect but offers a sense of security and emotional support to a family. Dehradun offers many benefits over the other cities:

  1. Good Weather- Dehradun enjoys moderate climate throughout the year. The winters are mild and summers are moderate compared to other Indian cities.
  2. Clean and Pure Atmosphere- The air quality in Dehradun is much better than Delhi-NCR or many other cities. People suffer from much less lung issues in Dehradun than other cities.
  3. Safe Environment- Dehradun is one the safest cities in India. As per a survey done by The Times of India, Uttarakhand is the second safest state in India for senior citizens.
  4. Good Connectivity to Other Cities. Dehradun is well connected by air, rail and roads. There are daily 10 flights to Delhi and direct flights to Mumbai, Bangalore, Ahmedabad, Kolkata, etc. The Dehradun airport is expanding and it will soon be an international airport.
  5. Location Benefits of Dehradun- Dehradun is the gateway to the Char Dham Yatra and also many other tourist attractions like Haridwar, Rishikesh, Auli, Mussoorie, etc. It is a perfect location for exploring the mountains and enjoying life after retirement.

NRI CORNERWHY WINDLASS RIVER VALLEY?

Windlass River Valley is an all integrated township with a Mall, Hospital, School, Hotel, Club, Sporting Facilities, all within its premises. Driving in India can be tricky for someone who has lived abroad for many years, therefore Windlass River Valley offers all the facilities and amenities one can ask for all within one township.

SUPPORTNRI

For an NRI coming and settling back in India is a challenging task. They find it tough to settle down in their hometown because of the concerns related to their basic needs and requirements, traveling issues, maintenance of residences, gas and electricity connections, phone lines, staff etc.

Windlass understands the concerns and apprehensions of the NRI’s and therefore offers best facilities and smart features including a school, mall and multiplex, multi-specialty hospital, bank, hotel, club within the township. Windlass River Valley is providing well-equipped residential apartments to suit every individual’s needs and requirements.

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SUPPORTTRUST

Windlass Group incorporated in 1943 at Dehradun is a household name in the state of Uttarakhand. Windlass employs over 2000 people globally and has been serving people across the world for the past 75 years. It is a hallmark of Precision, Quality, Integrity, Trust and its commitment to on-time delivery.

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SUPPORTINVESTMENT OPPURTUNITY

Dehradun, capital city of Uttarakhand is emerging as the new investment destination for people around the world with a boom in the Real Estate sector.Buying a residential housing facility in Dehradun not only provides an investment prospect but offers a sense of security and emotional support to a family. Real Estate sector in Dehradun is booming, the developers and builders are offering best housing facilities to the people.

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WINDLASSLOCATION

Windlass River Valley is located on the main Haridwar Road (NH-72) making it an ideal location to reach the airport in just 15 minutes, the railway station in 20 minutes, Rishikesh in 30 minutes and Mussoorie in 60 minutes.

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WINDLASSHOME LOAN FACILITY

Windlass has adopted a completely transparent home loan process for NRI’s and the residents of India. We provide guidance and support to the NRI’s so that they can complete the buying process without any hassle.

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SUPPORTPROPERTY MANAGEMENT FACILITY

Many NRI’s refrain from buying property in India as they are worried about its management and upkeep.
Windlass offers the services of a property management company to all buyers. This company will be responsible for putting the apartment on rent, collecting the rent, managing any issues with tenants, and overall upkeep of the property at monthly fees. For more information, call: +91-7055007150.

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Frequently Asked Questions

01Who is a Non-Resident Indian (NRI)?

According to the Foreign Exchange Management Act (FEMA) of 1999, an Indian Citizen who stays abroad for employment/business or whose stay in India is less than 182 days in the previous financial year.

02Who is a Person of Indian Origin (PIO)?

PIO is a person of Indian origin whose predecessors were born in India; s/he does not have Indian citizenship but has an Indian ancestry.Person of Indian Origin means a foreign citizen (except a national from Pakistan, Afghanistan, Bangladesh, China, Iran, Bhutan, Sri Lanka and/or Nepal) who:

1. has had Indian Passport at any time
2. S/he, parents or grandparents were Indian citizens and resided in India as defined by the Government of India Act 1935.
3. is a spouse of an Indian citizen or a PIO

03Can an NRI acquire/buy immovable residential property in India?

An NRI can buy any number of residential or commercial properties in India except Plantations, agricultural Land and farmhouses. According to the RBI guide lines, an NRI/PIO can also acquire a residential property as a gift from an Indian, NRI/PIO. S/he can also inherit a residential property from a person who is a resident of India as per the Provisions of Section 6(5) of the FEMA, 1999.

Do NRIs/ PIO’s need to submit any documents with RBI when purchasing immovable residential property in India?

As per FEMA and RBI guidelines the NRI’s or PIO’s are not required take any special permission or file a document to purchase an immovable residential in India.

04How many residential properties can be purchased by an NRI/PIO?

An NRI/PIO can buy any number of residential/commercial properties. There is no restriction on the number of properties, however, plantations, agricultural Land and farmhouses are restricted to an NRI/PIO.

05How can an NRI transfer/sell his residential property?

An NRI can sell his or her property in India to an Indian resident/ NRI / PIO.

Can a PIO transfer/sell his residential property?

Under general permission a PIO can sell his or her residential property in India to an Indian citizen only.

06Can an NRI/PIO transfer his residential property by way of gift?

Yes. An NRI/PIO can transfer their residential property in India by way of a gift to an Indian resident/NRI/PIO.

07What mode of payment can an NRI/PIO make to purchase a residential property in India?

Under the guideline of RBI and FEMA, an NRI/PIO may purchase a residential property in India by funds remitted to India through normal banking channels or funds held in his/her NRE/FCNR (B)NRO accounts. The payment has to be made in Indian currency through any of the above mentioned ways.

08Can NRIs obtain loans for acquisition of a house /flat for residential purpose from authorised dealers/ financial institutions providing housing finance?

RBI has given directives and general permission to the banks, financial institutions and authorised dealers to provide loans to the NRI/PIO for acquiring a residential property for personal use but subject to certain conditions. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period of 15 years out of inward remittances or out of funds held in the investors’ NRE/FCNR/NRO accounts. The repayment tenure has been increased to 25 years in current times due to the increase in Interest rates.

09What are the documents required to be submitted by an NRI while applying for a home loan?

An NRI needs to submit the following documents:

1. A copy of passport and visa.
2. A copy of the appointment letter and contract.
3. A copy of the labour card/identity card (translated in English duly countersigned by the consulate) if employed in the Middle East.
4. Salary certificate (in English) specifying name, date of joining, designation and salary details.
5. Bank statements for the last six months-both domestic (NRE/NRO/FCNR) and international Contract slip with income details in case employed in the merchant navy.
6. Copy of local income tax returns filed in the country of residence.
7. Loan eligibility can be enhanced by taking a joint loan with relatives. However, for credit reasons banks allow only a select list of relatives to be joint owners of the property.

10Can an NRI give their residential property on rent if not required for immediate use?

Reserve Bank of India has given permission to the NRI’s to let out any immovable property in India on rent. The rental income or proceeds of any investment of such income are eligible for repatriation.

11Can an NRI/PIO repatriate the proceeds in case the sale proceeds were deposited in the NRO account?

NRI/PIO may repatriate up to US $ 1 million per financial year (April-March) from their NRO account which would also include the sale proceeds of immovable property. There is no lock in period for sale of immovable property and repatriation of sale proceeds outside India.

12Can an NRI get a home loan to buy a property in India?

Yes. An NRI can avail home loan to buy commercial or residential property in India.

13Which banks give home loans to NRI’s?

RBI has directed nationalized/private Banks and NBFC to provide Home Loan to the NRI’s.

14How can an NRI ensure that a project is legitimate when investing in a property in India?

There are various points that an NRI should remember while investing in a property:

1. It is important to check the RERA registration of the seller/developer.
2. Check project approvals and they can be verified from the corporation or the sanctioning authority.
3. Ownership document should be confirmed from the concerned department.
4. Sale deed, No Objection Certificate (NOC) from builder/developer, NOC from banks, Building Plan approvals, completion certificate should be checked and verified.

What tax do NRI’s have to pay on their rental income?

An NRI has to pay tax in the country from where the income is being generated but the tax is not payable on the entire rental income however there are some deductions an NRI can avail.

1. Standard deduction at the rate of 30% on the taxable value.
2. Taxes are to be paid to the municipal authority with respect to the concerned rented property.

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