What is NRI Real Estate services?
NRI Real Estate Services typically refer to services provided to Non-Resident Indians (NRIs) in managing their real estate properties in India. Non-Resident Indians are individuals of Indian origin who live abroad but may own property or have investments in India.
These services can include a range of activities such as property management, leasing, renting, buying, selling, legal assistance, property valuation, and advisory services tailored to the needs and circumstances of NRIs.
Given the unique challenges and regulations involved in managing real estate from abroad, NRI Real Estate Services often specialize in providing support and assistance to NRIs, helping them navigate legal, tax, and administrative requirements in India’s real estate market.
In Desirenest we provide a number of NRI Real Estate Services to make the process of buy-sell of property easier. Our expert-driven NRI Real estate consultancy enables the client to have a smooth journey throughout the process.
Here is the list of services that we provide :
Real Estate Advisory:
Exploring the Indian real estate market poses numerous issues for those living abroad. Our experienced team provides the NRI Clients with professional advice on property investments, legality issues, and market trends. We have a simple software based system which makes it hassle free and easier for NRI clients to buy real estate properties in India.
Investment Planning:
We know that your monetary targets might be exclusive when compared to those of other citizens. : We shall understand your requirements and needs and design an individual investment strategy taking into account the issues of taxing, currency exchange rates and compliance with the law.
Portfolio Management:
Allow us to manage any form of investment portfolio of yours. We have a professional staff that will track the market movements, identify risks, and review the necessary changes required in your portfolio for it to perform accordingly.
Legal and Compliance Assistance:
Doing anything in this domain requires experience as it is not an easy one. Our advice is offered during the repartition process involving property, repatriation of funds, and regulatory compliances to provide easy flow operation. Our expert team makes it easier for NRI clients to get the legal aspects done without any hassle.
Taxation Services:
Our NRI specific taxation keeps you tax-efficient. We assist you in interpreting your tax obligations, filing returns, as well as take advantage of exemption and deduction opportunities.
Remittance Assistance:
Managing your investment calls for seamless fund transfers. Our system enables safe and convenient money transferring operations making sure that you will be comfortable while dealing with your finances.
Property Management:
Our property management services include hiring tenants, property inspection and maintenance. This means that whether you are out off-state or overseas, you do not have to worry as everything will be okay. Our team oversees all the property matters on behalf of the owner and keeps the owner updated about the property, essential reports and its growth.
Digital Access to Accounts:
Keep track of your investments by using our easy to use website interface. Track your portfolio, trade activity, and any relevant data from wherever you are at any time.
Transparency and efficiency are our priorities at Desirenest. We have created NRI services that shall help you to choose wisely, protect funds, and reach objectives related to money. If you are already an experienced investor or if you consider buying real estate as a new investment direction, let us help you with managing your assets at home.
NRI Buyers’ guide to buy property in India:
Non-Resident Indians (NRIs) can buy property in India through various channels. They are allowed to purchase residential or commercial properties except for agricultural land, plantation property, and farmhouses.
NRIs have the option to buy property in India, subject to certain regulations and guidelines set by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA). Here are the general steps an NRI would typically follow to buy property in India:
Eligibility Check: Ensure that you are eligible to purchase property in India as per the regulations set by the RBI and FEMA. Typically, NRIs, Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) are allowed to buy property in India.
Open an NRE/NRO Account: Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts can be opened with authorized banks in India. These accounts are necessary for handling income earned in India and for making payments related to property transactions.
Obtain a PAN Card: NRIs need to obtain a Permanent Account Number (PAN) card from the Income Tax Department, which is necessary for property transactions and tax purposes.
Moreover, NRIs must require following documents like :
- Valid Indian Passport
- OCI card(Overseas Citizen of India) or a visa.
- PIO Card(Person of Indian Origin)
Choose the Property: Select the property you wish to buy and conduct thorough due diligence. This includes verifying the title, ownership, land records, and any encumbrances on the property.You can take the help of a reputed real estate consultant to find your preferred property. Desirenest has a team of experts who provide end to end NRI real estate services and help clients find their best match deal.
Finalize the Deal: Negotiate the price and terms of the property purchase with the seller. Once both parties agree, a sale agreement needs to be drafted, outlining all the terms and conditions of the sale.
Payment: Payments for property transactions should be made through normal banking channels, either through inward remittances from abroad to the NRE/NRO account or through funds available in these accounts.
Registration of Property: Once the sale agreement is finalized and the initial payment is made, the property must be registered with the appropriate authority. This involves paying the stamp duty and registration charges and submitting the necessary documents.
Tax Implications: Understand the tax implications of owning property in India as an NRI. Rental income, capital gains, and other aspects are subject to taxation laws in India.
Repatriation of Funds: If the property is sold in the future, NRIs can repatriate the sale proceeds (after taxes and other deductions) back to their country of residence within the limits specified by the RBI.
Compliance: Ensure compliance with all RBI regulations and FEMA guidelines regarding property transactions by NRIs.
It’s crucial for NRIs to ensure compliance with the regulations set by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA). Additionally, they should conduct thorough due diligence on the property’s title, ownership, and legal aspects before finalizing the purchase.
Seeking guidance from legal experts specializing in property transactions and having experience in providing NRI Real Estate Services in India is advisable.
NRI Sellers’ guide to sell property in India:
Non-Resident Indians (NRIs) can sell property in India by following certain procedures:
Firstly, they need to ensure compliance with the Foreign Exchange Management Act (FEMA) regulations and obtain a Permanent Account Number (PAN) card.
Next, they must provide relevant documents to the buyer such as:
Identity Proof: Valid passport
Overseas Citizen of India (OCI) card or Person of Indian Origin (PIO) card
Address Proof:
Address proof from the country of residence
Documents related to Property:
Allotment letter or possession letter from the builder/developer
Sale deed or conveyance deed
Encumbrance certificate
Building plan approval and completion certificate
Inheritance Documents
Will or succession certificate
Legal heir certificate or affidavit establishing the inheritance rights
Death certificate of the deceased property owner
Documents Related to Tax:
Permanent Account Number (PAN) card
Capital gains tax calculations and payment receipts
Tax identification number from the country of residence
Power of Attorney (POA):
A valid Power of Attorney document
NRIs must also obtain a No Objection Certificate (NOC) from the Indian Income Tax Department to confirm the payment of taxes on the property transaction. Additionally, they need to open an NRO (Non-Resident Ordinary) or NRE (Non-Resident External) account to receive the sale proceeds.
Lastly, It is advisable to take the consultation from an experienced real estate consultant in this process. You can find many consultant agencies which specialize in providing NRI Real Estate Services.
Desirenest has a team of real estate and legal experts who may help in this regard. Our expert driven NRI Real Estate services makes the entire process hassle-free and easier. Following these steps ensures a smooth and legally compliant process for NRIs to sell property in India.