Question 1

Are Non-Resident Indian's (NRIs) allowed to purchase a Residential Property in Goa?

Accepted Answer

Non-Resident Indians and People of Indian Origin with Foreign Passport Holder can purchase residential property in Goa/India. They are treated wholly as Indian Citizens and therefore don't require permission to purchase from the Reserve Bank of India.

Question 2

How do you define a foreign passport holder but of an Indian origin?

Accepted Answer

A foreign passport holder is deemed to be of Indian Origin if: 1) he held an Indian Passport at any time or ii) he or his father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal.

Question 3

How should the purchase of residential immovable property be paid for by NRIs under the general permission?

Accepted Answer

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.

Question 4

Do you have to inform Reserve Bank of India when selling property?

Accepted Answer

Yes. Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another NRI, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.

Question 5

What formalities have to be completed by NRIs to purchase residential immovable property in India under the general permission?

Accepted Answer

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property (Sale Deed) or final payment of purchase consideration along with a certified copy of the documentary evidence for the transaction and bank certificate for the money paid.

Question 6

What are the Tax Implications on eventual sale of the property by an NRI? Can an NRI take the net amount outside India in sterling or dollars after tax has been paid?

Accepted Answer

On an eventual sale of property, there will be tax implication on profit gain in case of individual. Individual will be charged upto 30% tax on the gain. Also in case of short term gain, the charge will be taxed at 30% if within three years. And above 3 years i.e. Long Term gain will be taxed at much lesser rate i.e. approx. 15%. The Net amount, after deducting the necessary taxes and charges, can be taken back in any currency outside India.

Question 7

Through whom can we purchase an Apartment or Villa in the Project?

Accepted Answer

You can purchase an Apartment/Villa directly with the Sales Team of Redrock Constructions LLP or from the appointed agents. A Website is hoisted which provides information regarding the various projects, site plans, etc. You can use Contact Us page to send us an enquiry to initiate purchase.

Question 8

What is the role of the Agent? And what would be his fees?

Accepted Answer

All Agents will see you through the entire Sales Process and will be responsible from the initial contact to the final stage that is receiving your keys to the Apartment. For all this he will be paid or will charge a fee at a percentage of the basic price depending on the work load undertaken. We have appointed Agents outside India . Details will be provided upon request.

Question 9

What are the legal steps before pursuing the Purchase?

Accepted Answer

Besides being impressed with the work of the Builder, the Purchaser must check all the title documents of the said property that the Builder is the sole owner of the same. Ensure that the Construction plans have been approved by the concerned authorities and that the all necessary Government Approvals have been obtained to build and sell the same.

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