- Positive DemographicsIndia has a youthful, educated, and growing workforce. The increase in population opens new emerging markets, customers and products.
- Strong Economic Growth India has realized strong historical growth rates, particularly in the information technology and business process outsourcing sectors. These continue to be among the largest sectors of the global economy.
- Stable GovernmentIndia has maintained a strong parliamentary democracy ever since its independence in 1947.
- No restriction on the number of permitted immovable properties There is no restriction on the number of immovable properties both NRIs or OCIs may hold. They are also allowed to inherit any immovable property in India.
- Better connectivity Infrastructural advancements in Gurugram's outskirts have reduced travel time to the city centres. It is just a swift 35-kilometre drive away from Delhi.
- Education and Health hub With the presence of prominent schools, colleges and premium hospitals and even prominent hotels, Gurugram has emerged as a self-sustaining region with upgraded infrastructure and amenities of all kinds.
- Expatriates’ Hub With a plethora of upscale housing options, renowned hospitality chains and lush greenery owing to biodiversity, Gurugram, also known as the Millennium City, is a preferred location for the expats.
- Centre for Commercial offices & industries Nearly 250 Fortune 500 companies have set up their base in Gurgaon. Global giants such as Coca-Cola, BMW, Pepsi etc. have their offices here. With Gurugram emerging as the most sought after destination for expats, it has developed into a hub for automotive industries.
- Improved Lifestyle Gurugram provides luxury in each detail. Shopping malls, five-star hotels, restaurants, pubs, entertainment zones and golf course add the international vibe to the city.
- Vicinity to International Airport Gurugram’s proximity to the International Airport terminal makes it well connected by all modes of transport.
An Indian citizen who lives abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Non-resident foreign citizens of Indian origin are treated on par with non- resident Indian citizens (NRIs).
The Overseas Citizenship of India (OCI) is an immigration status permitting a foreign citizen of Indian origin to live and pursue employment in the Republic of India indefinitely.
Yes. NRIs can buy and sell residential and commercial properties in India.
There are no restrictions on the number of residential or commercial properties an NRI can own in India. However, the law does prohibit NRIs from purchasing any kind of agricultural land/ plantation property/ farm house 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.
Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain permission from the Reserve Bank.
purposes from 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.
The mere acquisition of property does not attract income tax. However, any income accruing from the ownership of it, in the form of rent (if it is let out)/annual value of the house (if is not let out and it is not the only residential property owned by that person in India) and/or capital gains (short term or long term) arising on the sale of this house or part thereof is taxable in the hands of the owner.
In case of sale of an immovable property, the Double Tax Avoidance Agreement (DTAA) with most countries state that capital gains will be taxed in the country where the immovable property is situated. Hence, if an NRI owns immovable property in India, then he/she will be subject to pay tax in India on the capital gains which arise on the sale of the property. Similarly, letting of immovable property in India would be taxed in India under most tax treaties.