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FAQ

1. Q: Are nonresident Indian nationals (NRIs) eligible for buying immovable property in India? A: Yes, the NRIs are eligible for buying immovable property in India. 2. Do the nonresident Indian nationals (NRIs) require permission from RBI for buying immovable property in India? A: No permission from the RBI is required. 3. Q: Are foreign nationals of Indian origin eligible for buying immovable property in India? A: Yes, the foreign nationals of Indian origin are eligible for purchasing immovable property in India. 4. Q: What are the procedures to be completed by the foreign nationals of Indian origin for buying immovable property in India? A: The foreign nationals of Indian origin are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay, within a period of 90 days from the date of purchase of the immovable property. 5. Q: Who has to pay the VAT, the developer or the property buyer? A: The VAT has to be paid by the developer, and not the flat buyer. 6. Q: Can NRIs avail loan for buying property from financial institutions in India? A: Yes, the RBI has granted permission to certain financial institutions for providing loans to NRIs, subject to certain conditions. 7. Q: What is meant by the Carpet Area of a flat? A: Carpet Area is the area of the flat, excluding the thickness of the walls. 8. Q: What is meant by the built-up area of a flat? A: The built-up area of the flat refers to the area of the flat which includes the thickness of the walls. 9. What is meant by the super built-up area of a flat? A: Super built-up area includes the built up area of the flat together with the area under common spaces such as the lifts, lobby, stairs, open space around the building etc. 10. Q: What is meant by Floor Space Index? A: Floor Space Index (FSI) refers to the ratio between the total plot area to the total built- up area of the building.