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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.