KCD Group
QUESTIONS? CALL US: (+91)-22 2886 2575support@kcdgroup.org
QUESTIONS? CALL US: (+91)-22 2886 2575support@kcdgroup.org
Q. 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?

A. 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.

Q. CAN SALE PROCEEDS OF SUCH PROPERTY IF AND WHEN SOLD BE REMITTED OUT OF INDIA?

A. 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.

Q. CAN SUCH PROPERTY BE SOLD WITHOUT THE PERMISSION OF RESERVE BANK?

A. 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.

Q. 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?

A. 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.

List of papers/ documents applicable to all applicants:

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving
  • licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/
  • Property tax receipt/ Passport/ Voters ID card)
  • Proof of business address for non-salaried individuals
  • Statement of Bank Account/ Pass Book for last six months
  • Signature identification from present bankers
  • Personal Assets and Liabilities statement

For guarantor (wherever applicable):

  • Personal Assets and Liabilities Statement
  • 2 passport size photographs
  • Proof of identification as above
  • Proof of residence as above
  • Proof of business address as above
  • Signature identification from his/her present bankers

Additional documents required for salaried persons :

  • Original Salary Certificate from employer
  • TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt.

Additional documents required for Professionals/self- employed/ other IT assesses:

  • Acknowledged copies of three years I.T. returns/ Assessment Orders.
  • Photocopies of challans evidencing payment of Advance Income Tax.

DISCLAIMER

Thank you for visiting our website. We are currently updating our website towards compliance of the newly introduced housing law for the State of Maharashtra i.e. the Real Estate (Regulation and Development) Act, 2016 and the rules and regulations notified thereunder.

In the interim, no information, images or material which is currently available / displayed on the website shall be deemed to constitute any advertisement, invitation, solicitation, offer or sale of any of our product offerings and we shall not accept any such bookings based on reliance of such currently available information, images and material on the website and further shall not be responsible for any consequences of any action taken by any person or authority relying on material/information or otherwise.

We shall be back shortly with an updated website. Thank you for your patience.

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