NRI Guide

Making Payments

Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes.

Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.

Making Payments

Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes.

Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.

Home - Lone

The Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI – “An Indian citizen who holds a valid documents like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI.”

Legal

Signing a title report (received from the solicitor of the property) with any fine print and specific government reservations is inadvisable. Accept clearance reports that are lucid and specific. For instance, if you are interested in buying property that has been built over reclaimed land, make sure that building has been given clearance by the government. Precautionary measures will prevent you from getting embroiled in any future disputes. They will also help ensure that your home loans aren’t scrutinized.

Legal

Signing a title report (received from the solicitor of the property) with any fine print and specific government reservations is inadvisable. Accept clearance reports that are lucid and specific. For instance, if you are interested in buying property that has been built over reclaimed land, make sure that building has been given clearance by the government. Precautionary measures will prevent you from getting embroiled in any future disputes. They will also help ensure that your home loans aren’t scrutinized.

Permissions & Approvals

Before a construction begins; the builder must seek several permissions and approvals from relevant bodies. Without these clearances, the construction may come under litigation. Here is a list of documents and approvals that the builder must possess for all building work to commence Mumbai & Kalyan Dombivali Municipal Region.

  • ULC order (in specific cases)
  • IOD and CC of the project
  • MCGM / KDMC approved plans

Stamp Duty & Registration

Stamp Duty & Registration

Stamp Duty

  • Stamp duty is payable under Section 3 of The Bombay Stamp Act, 1958.
  • Stamp duty is payable on market value or agreement value whichever is higher.
  • The stamp duty authorities determine the market value of any property based on the Stamp Duty Ready Reckoner issued by the government on January 1 every year.
  • Stamp duty for residential and commercial properties is 6% of the property value in the Palghar district for the time being in force.
  • For women, stamp duty is 5% with a precondition that the property cannot be sold before 15 years of purchase.

Stamp Duty

  • Stamp duty is payable under Section 3 of The Bombay Stamp Act, 1958.
  • Stamp duty is payable on market value or agreement value whichever is higher.
  • The stamp duty authorities determine the market value of any property based on the Stamp Duty Ready Reckoner issued by the government on January 1 every year.
  • Stamp duty for residential and commercial properties is 6% of the property value in the Palghar district for the time being in force.
  • For women, stamp duty is 5% with a precondition that the property cannot be sold before 15 years of purchase.

Registration Fees

  • Once the stamp duty is paid on the document, it has to be registered with the Sub Registrar of Assurances of the respective district. The document is to be registered according to the provisions of The Registration Act, of 1908.
  • The document should be registered within 4 months from the date of execution.
  • All parties executing the document admit before the Sub Registrar of Assurances that they have executed the document presented for registration. Two independent witnesses then identify the parties.
  • The Sub Registrar of Assurances records the document’s content, including the additional pages, either by photocopying or scanning the content of the documents.

  • Registration fees are 1% of the market value or agreement value whichever is higher, subject to a maximum of Rs. 30,000/-.

Registration Fees

  • Once the stamp duty is paid on the document, it has to be registered with the Sub Registrar of Assurances of the respective district. The document is to be registered according to the provisions of The Registration Act, of 1908.
  • The document should be registered within 4 months from the date of execution.
  • All parties executing the document admit before the Sub Registrar of Assurances that they have executed the document presented for registration. Two independent witnesses then identify the parties.
  • The Sub Registrar of Assurances records the document’s content, including the additional pages, either by photocopying or scanning the content of the documents.

  • Registration fees are 1% of the market value or agreement value whichever is higher, subject to a maximum of Rs. 30,000/-.

GST

  • Among the many taxes buyers pay on property purchases is the Goods and Services Tax or GST on flats and apartments.
  • Home buyers in India have to pay a Goods and Services Tax (GST) on purchasing under-construction properties like flats, apartments, and bungalows at 1% for affordable housing and 5% for non-affordable housing.
  • In real estate, the GST is also applicable to the purchase of developable plots.