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| As an NRI we understand your apprehensions while investing in your homeland from far away. Listed below are some general points for your knowledge. |
| Facilities provided for Non Resident Indians |
| Site Visit |
| Any of your relatives or friends who are based locally can visit our sites at Nagpur or Pune in vehicles provided by Groworth Real Solutions. Please inform at invest@groworth.net with necessary details. |
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| If you are in the GCC |
| We have an office at Sharjah Free Zone for our clients in the GCC. Mr. Shrikant Kulkarni, our executive based at Abudhabi can be contacted on 97-150-4162547 for any queries or on invest@groworth.net. |
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| Group Presentations |
| If you wish to see our Land Investment Presentation in person and meet our executive any where across the globe, we would be happy to do so provided a group of minimum 10 persons are guaranteed to attend the presentation. For presentations in the GCC, please get in touch with Mr. Shrikant Kulkarni on 97-150-4162547 or if outside the GCC on invest@groworth.net. |
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| Power Of Attorney |
A Power of Attorney becomes necessary if, as an NRI, you are unable to come to India personally for execution of the Sale Deed. In this case Groworth Real Solutions will assist you in drafting and preparing the POA and having it regularized locally for further legal usage.
We also have a team of investment consultants who can help and guide you in the right direction for a fast track of your investments return on investments.
Our team of legal advisors will ensure a smooth and hassle free process. |
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| Fund Transfer |
| Our team of Financial advisors will assist you in getting your funds transferred through different banking modes. |
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| Accommodation and Local Transport |
| Airport pickup and drop will be arranged by us. Accommodation will also be arranged by us but the actual cost shall be borne by you. |
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| Mutation (Property Card) |
| After execution of the sale deed, as a continued service we shall get the original Mutation (Property Card) from the concerned authorities. We will try to hand it over to you in person. |
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| News Updates |
| Many factors shall in the future determine the value of your investments. We will keep you updated about any news updates that will influence the investment made by you. |
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| Following are some of the most common questions asked by NRIs: |
| 1) Do non-resident Indian citizens/ foreign citizens of Indian origin require permission of Reserve Bank to acquire residential property in India? |
Ans :- Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain permission of Reserve Bank. |
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| 2) In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission? |
| Ans :- 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. |
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| 3) Are there any formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission? |
Ans :- They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration alongwith a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid. |
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| 4) Can such property be sold without the permission of Reserve Bank? |
| Ans :- Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts. |
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| 5) Can sale proceeds of such property if and when sold be remitted out of India? |
| Ans :- In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property. |
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| 6) Are any conditions required to be fulfilled if repatriation of sale proceeds is desired? |
Ans :- Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.
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