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RBI Guidelines

Reserve Bank of India Guidelines on Non-Resident Indians investment in properties in India

Permission for purchase of residential property:

• For NRIs holding Indian passports, there is no permission required.
• For NRIs holding foreign passports, it is required to send intimation to RBI via form (IPI - 7) within 90 days of purchase of property or final payment of consideration and funds through NRE / NRO accounts.

Sale of Property:

• Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.

Repatriation of sale proceeds:

• Repatriation of proceeds from sale of residential property purchased on or after 26th May 1993 is allowed.
• The RBI will consider repatriation of the consideration amount remitted in foreign exchange for the acquisition of 2 properties. The sale has to have taken place after 3 years from the date of final purchase deed or from the date of final payment.
• Application of repatriation (IPI-8) has to be done within 90 days of the sale of the property.

Income from Property:

• NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account subject to changes from time to time. Errors and omissions excepted.

Income from Property:

• NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account subject to changes from time to time. Errors and omissions excepted.

Return on Investment

Rental Returns:

• The rental returns on an investment in Residential property in Bangalore is 5%-6% p.a. on the invested amount.

Appreciation of Property:

• Conservative estimate of appreciation on an investment in property in Bangalore is about 20% p.a. NRIs start to gain by investing in Real Estate when compared to the investments on the NRNR / FCNR deposits.

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