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Corporate Head Address:
8th Floor, Astron Tech Park,
Sattelite Cross Roads,
Opp. Iscon Temple, S. G. Highway,
Ahmedabad - 3800015
Phone: +91 79 26860914, 26860915
Phone: 07878469222, 07878469333
Email: info@ashwainfracon.com
FAQ's
Investment in immovable property.
  May acquire immovable property in India other than agricultural land / plantation property or a farm house out of repatriate and non-repatriate funds. In such investments NRIs are eligible to repatriate Sale proceeds of immovable property acquired in India to the extent of repatriable funds used for acquiring the property, up to two residential properties. The balance will be repatriable through NRO Account subject to conditions mentioned at item (I) (D).
How many residential / commercial properties can NRI / PIO purchase under the general permission?
  There are no restrictions on the number of residential / commercial properties that can be purchased.
Can a foreign national of non-Indian origin be a second holder to immovable property purchased by NRI / PIO?
  No
Can a foreign national of non-Indian origin resident outside India purchase immovable property in India?
  No. A foreign national of non-Indian origin, resident outside India can not purchase any immovable property in India. But, he/she may take residential accommodation on lease provided the period of lease does not exceed five years. In such case there is no requirement of thinking any permission of or reporting to reserve bank.
Can a foreign national who is a person resident in India purchase immovable property in India?
  Yes, but the person concerned would have to obtain the approvals & fulfil the requirements if any, prescribed by other authorities, such as the concerned state government, etc However, a foreign national resident in India who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal & Bhutan would require prior approval of Reserve Bank. Such requests are considered by Reserve Bank in consultation with the Government of India.
If a Rupee loan was taken by NRI/PIO from Authorised Dealer or housing finance institution for purchase of residential property can an NRI/PIO repatriate the sale proceeds of such property?
  Yes, provided the loan has been subsequently repaid by remitting funds from abroad or by debit to NRE/FCNR(B) accounts.
If the property was purchased from foreign inward remittance or from NRE/FCNR(B) account, can the sale proceeds of property be repatriated immediately?
  Yes
Is there any restriction on number of residential properties in respect of which sale proceeds can be repatriated by NRI/PIO?
  Yes, sale proceeds of not more than two residential properties can be repatriated.
In which account can the sale proceeds of such immovable property be credited?
  The sale proceeds may be credited to NRO account.
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