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WHY PUNE?

Pune, known as Poona until 1978 is the second-largest metropolitan city in the Indian State of Maharashtra and the eighth most populous city in India. It has been ranked as "the most livable city in India" several times. Along with the municipal corporation limits of PCMC and the three cantonment towns of Camp, Khadki and Dehu Road, Pune forms the urban core of the eponymous Pune Metropolitan Region (PMR).

 

According to the 2011 census the urban area had a combined population of 5.05 million whilst the population of the metropolitan region was estimated at 7.4 million. Pune is also the administrative headquarters of its namesake district. Some of the plus points of Pune include:

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· Proximity to Mumbai and easy connectivity with the Expressway

· Offers options to wide spectrum of investment budgets

· Healthy rate of employment generation – especially from the IT / ITeS, manufacturing and automobile sectors – ensures demand and property purchasing ability with 6th highest per capita income in the country.

· Considered 8th largest metropolitan economy. 2nd in India in software exports , contributes 9%

· Good educational, medical, recreational, cultural facilities – known as ‘queen of Deccan’ and ‘Oxford of the East’

· Good infrastructural development and connectivity by road, rail & air

· Steady growth of market because of the job opportunities, affordability, lower cost of living and attraction as a safe, cosmopolitan city.

· 2nd best city in the country on quality of life

· 8th in country in terms of Urban agglomerations population size

· Considered 4th best city for business in India

LOCATION

PUNE

STATE

MAHARASHTRA

  • Can NRIs acquire commercial properties in India?
    Yes, under the general permission granted by The Reserve Bank, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser’s NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
  • Looking for Ahura Builders Location !
    Nawaz House, 957, New Nana Peth, Pune, Maharashtra 411002
  • Can NRI India Properties be sold without the permission of Reserve Bank?
    Yes. Reserve Bank has granted general permission for sale of NRI properties. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
  • Can they dispose of such NRI Indian properties?
    Yes, NRI Properties in India may be disposed of subjects to adhering the Tax Laws.
  • Is there any project in NIBM ?
    Yes. We have The Latitude NIBM Project . Located in the fasted growing locale of Pune- NIBM. Spacious 3 & 4 bedroom residences with mesmerizing views of the Green Forest and the city. The open lounge offers an array of fitness & recreational facilities. State-of-the-art clubhouse with multiple amenities. For more info you can visit our site : www.thelatitudenibm.com
  • Is there any project in Punawale ?
    Yes . We do have Project in Punawale named as : Ecopolitan Located in the fasted growing locale of Pune- Mumbai express way . Spacious 2 & 3 bedroom residences with mesmerizing views of the city. Ecopolitan offers multiple amenities. For more info you can visit our site : www.ecopolitan.co.in
  • Can property (residential/commercial) be given or replace by on rent if not required for immediate use?
    Yes, Reserve Bank has granted general permission for letting out any immovable properties in India. The rental income or proceeds of any investment of such in-come has to be credited to NRO account. (And repatriation from NRO account is to be reported to RBI)
  • Who is a foreign citizen of Indian Origin?
    A foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal) is deemed to be of Indian origin if: a.) He held an Indian Passport at any time or; b.) He or his father or paternal grandfather was a citizen of India by virtue of the constitution of India or the Citizenship Act, 1955.
  • What is the contact info of Sales Person!
    Sales Person : +91 9850 xxxxxx
  • Can NRIs acquire or dispose residential property by way of gift?
    Yes, Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties in up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not, provided gift tax has been paid.
  • Can sale proceeds of NRI property be remitted out of India?
    Yes. Repatriation of original NRI investments in respect of Indian properties purchased by NRIs on or after 26 May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the NRI property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, whichever is later.
  • Can Indian companies grant loans to their NRI staff?
    The Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.
  • Do non-resident Indian citizens require permission of The Reserve Bank to acquire residential/commercial property in India?
    No
  • Do foreign citizens of Indian origin require permission of the Reserve Bank to purchase immovable NRI property in India for their residential use?
    NO
  • In what manner should the purchase consideration for residential immovable property be paid by foreign citizens of India origin under the general permission?
    The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR accounts maintained with banks in India.
  • Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?
    The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.
  • Can immoveable NRI property held in India, be transferred by way of gift to relatives/registered charitable trusts/organizations in India?
    Yes, general permission has been granted by Reserve Bank to non-resident persons (foreign citizen) of Indian Origin (PIOs) to transfer, by way of gift, immoveable property held by them in India to relatives and charitable trusts / organizations subject to the condition that the provisions of all other laws, as applicable are complied with.

Note: The Content given above is the extracts from RBI Publications.

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Disclaimer: The purpose of this FAQ is to provide the visitors of this site a general understanding on the various issues relating to NRI real estate Investments within the Indian housing sector. The following FAQ been prepared on the basis of advice received on planning for making an NRI investment and may vary from person to person, based on facts of such case. Reasonable efforts have been taken in collecting, preparing and providing quality information, but we do not warrant or guarantee the accuracy, completeness, adequacy or currency of the information. The contents of this FAQ page relating to NRI investments are subject to changes / amendments made by the CBDT / Finance Ministry.

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