It’s a common conversation amongst NRI’s buying a property in Bangalore that NRI’s are often lured into fraudulent plots, litigated lands and fly by night’s developers. This has put a number of vulnerable NRI’s who believe in trust to inconvenience and financial losses.
Here are a few tips / must follow guideline to help you take the right decision:
Investment in India1
In recent times, India has emerged as one of the popular real estate destinations for the global investors. According to the consultant Cushman and Wakefield, “Investment in Indian real estate was over US $ 5 billion in the year 2014.”
Real estate is one of the booming industries in the country and your investment will surely flourish in the next five years. It is all set to scale new heights with the emergence of fresh localities in tier one and two cities. Apart from financial opportunities, a home at your own homeland provides a sense of security and supports you and your family emotionally.
KNS appreciates your concerns and apprehensions. It’s precisely the reason why it provides high quality plots at strategic locations and maintains a complete transparency in every transaction.
Investment opportunities with KNS Infrastructure
KNS Plots are strategically located in the growth corridors of Bangalore. This includes Sarjapur, Mysore Road.
KNS is dedicated to maintain high quality standards and transparencyin every sphere of business. When you go in for a KNS plot, quality of the product is naturally yours.
KNSLimited is highly regarded for its transparency, fair play, integrity and honesty. The company has maintainedthe highest standards in quality, protection of environment against pollution, health and safety of its employees.Your investments are in safe hands when you own a KNS Plot.
Can NRIs / PIOs repatriate out of India the amount received from the sale proceeds of immovable property held in India?
When an NRI/PIO sells an immovable property other than agricultural land / farm house / plantation property, the authorised dealer may allow repatriation of the sale proceeds outside India, provided the following conditions are followed:
Repatriation outside India means the buying or drawing of foreign exchange from an authorised dealer in India and remitting it outside India through normal banking channels or crediting it to an account denominated in foreign currency or to an account in Indian currency maintained with an authorised dealer from which it can be converted in foreign currency.
In case the property is acquired out of Rupee resources and/or the loan is repaid by close relatives in India (as defined in Section 6 of the Companies Act, 1956), the amount can be credited to the NRO account of the NRI/PIO. The amount of capital gains, if any, arising out of sale of the property can also be credited to the NRO account. NRI/PIO are also allowed by the authorised dealers to repatriate an amount up to $(US) 1 million per financial year out of the balance in the NRO account / sale proceeds of assets through purchase / the assets in India acquired by him through inheritance / legacy. This is subject to production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter, and a tax clearance / no objection certificate from the Income Tax Authority for the remittance. Remittances exceeding US $ 1,000,000 in any financial year requires prior permission of the Reserve Bank.
A person referred to in sub-section (5) of Section 6 of the Foreign Exchange Management Act 3 , or his successor shall not, except with the prior permission of the Reserve Bank, repatriate outside India the sale proceeds of any immovable property referred to in that sub-section.