NRI Lounge

Overview

Embracing our ‘You on Priority’ ethos and crafting future-proof homes, we’ve earned widespread adoration throughout Pune, Mumbai, and Navi Mumbai. Our commitment to personalized care and innovative design has resonated deeply, winning over the hearts and trust of millions across these vibrant cities.

Why to invest in Mumbai?

Mumbai’s cultural allure, thriving job hubs, and high ROI (10.6% residential, 9.5% commercial, 11.8% REITs) make it a prime choice for NRIs. With 40% of India’s trade and an 8.8% economic growth, Mumbai stands as an attractive investment destination.

Global Connectivity

8.8% Economy Growth
182 Nationalities
2 International Airports
52 Airlines For 260 destinations
City Of Arts
Lucrative Investments
Eighth Billionaire Hub Globally
Fortune 500 Global Companies

Infrastructure And Amenities

Metro Rail Project
Mumbai Trans-Harbour Link (MTHL)
Navi Mumbai Airport
Delhi-Mumbai Industrial Corridor
Coastal Road Project
Pune-Mumbai Hyperloop Project
Mumbai Nagpur samruddhi expressway
Bandra Worli sea link
Bandra Kurla Complex
Eastern Freeway

Financial Capital

FAQ

Can NRIs and Overseas Corporate Bodies (OCB) Invest in India?

NRIs and OCBs can make investments in India in consonance with Indian law, RBI rules and regulations as well as other regulations set forth by the Foreign Investment Promotion Board (FIPB).
NRIs and OCBs can make up to 100% equity investment in real estate sector and the nation’s civil aviation sector. Further, all investments, except for the real estate investments, are fully repatriable. For real estate investments, the lock-in period on original investment is 3 years

Can NRIs obtain loans for buying a house/flat for residential purpose from financial institutions providing housing finance?

The Reserve Bank has given specific financial institutions involved in housing finance broad authorization to provide housing loans to non-resident Indians for the purchase of homes or apartments for their own use, subject to specific requirements.

What are the formalities required to be completed by foreign citizen of Indian Origin for purchasing residential immovable property in India under the general permission?

Within 90 days of the date of the purchase of the immovable property or the final payment of the purchase consideration, they must file a declaration in form IPI 7 with the Central Office of the Reserve Bank in Mumbai. They must also include a certified copy of the document proving the transactions and a bank certificate attesting to the consideration paid.

Can such property be sold without the permission of Reserve Bank?

Indeed, the Reserve Bank has given the go-ahead for the sale of this kind of property. Nevertheless, money for the purchase consideration must be transferred to India or deducted from the remaining balance in NRE/FCNR accounts, regardless of whether the property is bought by another foreign national of Indian descent.

Is it possible for a foreign national of Indian descent to give or sell residential property?

Indeed. Subject to adherence to relevant tax laws, the Reserve Bank has authorized foreign nationals of Indian descent to receive or give up to two houses as gifts from or to relatives who may be citizens of India or people of Indian descent, regardless of whether they live there.

Is it possible for a non-Indian citizen to purchase commercial property in India?

Sure. Properties other “than” agricultural land, farm houses, or plantation properties may be purchased by foreign citizens of Indian origin under the general permission granted by the Reserve Bank, so long as the purchase consideration is satisfied by payments made from the purchaser’s NRE/FCNR accounts held with Indian banks, or by inward remittances in foreign currency through regular banking channels. A declaration must be submitted in Form IPI 7 to the Central Office of the Reserve Bank within ninety days of the date of purchase of the property or the final payment of purchase consideration.

Is it possible to bypass the Power of Attorney that most developers request when buying real estate?

It is an option not to provide the developers the Power of Attorney (POA). Nevertheless, this will require that all documentation be mailed to your overseas address, which will cause delays.

What requirements must NRIs in India meet in order to be eligible for home loans?

The loan amount for non-resident Indians (NRIs) cannot be more than 85% of the cost of the residential property, per Reserve Bank norms. Only via regular 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, can you meet your own contribution, which is the cost of the financed dwelling unit less than the loan amount.

Only through standard 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, may the loan repayment, principal and interest inclusive of all charges, be made from overseas.

Is it possible for an NRI to grant a person in India a Power of Attorney to handle loan paperwork on their behalf?

Indeed. We are fully aware that, as an NRI, you have unique demands when it comes to real estate management and investment requirements, and that you require a specific set of services to meet those needs. The government of India has approved 100% of NRIs’ repatriation, which is wonderful news. Subject to certain requirements, the Reserve Bank has given general approval to some housing finance providers, such as HDFC and LIC Housing Finance Ltd., to offer housing loans to non-resident Indian nationals for the purchase of homes or apartments for their own use.