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NRI Corner

Now is an excellent time to invest in property, and The Panom Developers stands out as a premium choice. With a robust currency and favorable economic conditions, investors have a prime opportunity to secure luxurious residences equipped with world-class amenities, reflecting the lifestyle they deserve. The Panom Developers is renowned for faithfully delivering on promises and offering homes that set new standards in comfort and sophistication.

Why Invest?

Explore India’s thriving real estate sector for attractive returns. Current demand is surpassing supply, fueling steady price growth across major cities and high-growth regions. The Indian economy continues its upward trajectory, while proactive government policies make it easier for NRIs and global investors to participate in property markets. Additionally, India’s legal framework ensures substantial protection for investors, offering peace of mind and secure transactions. Investing now means benefiting from both the boom in domestic demand and supportive reforms, providing confidence and resilience for long-term asset growth.

Frequently Asked Questions

Who is a Non-Resident Indian (NRI)?

An Indian citizen who stays 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 Indian – NRI. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non- resident Indian citizens (NRIs).

A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:
1. held an Indian Passport at any time, or
2. who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955

The Overseas Citizenship of India (OCI) is an immigration status permitting a foreign citizen of Indian origin to live and work & in the Republic of India indefinitely.

Yes. NRIs can buy and sell residential and commercial properties in India.

There is no restriction on the number of residential or commercial properties an NRI can own in India. However, for NRIs buying property in India, the law restricts 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 of Reserve Bank.

An NRI/PIO cannot usually buy agricultural land/plantation property/farm houses in India. Proposals to buy such a land have to be specifically approved by RBI, in consultation with Government of India. The only way they can acquire an agricultural land is by inheritance.

Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties 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.

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.

Yes. Long-term and short-term capital gains are taxable in the hands of non-residents.

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.

FEMA is a law that governs how NRIs can buy residential and commercial properties but not farmland or plantations without RBI approval. Payments must be made through proper bank channels, and rules apply if they want to send money back after selling. It ensures all transactions are legal and transparent.

Yes, joint ownership is permitted with another NRI/OCI, or with a resident Indian.

Yes, up to $1 million per financial year (after tax and repatriation compliance), from proceeds of sales of property purchased as per FEMA rules.