NRI Guide to Buying Property in Bangalore

NRIs and OCIs can buy any residential or commercial property in India, and the only restriction covers farm land, plantations, and farmhouses. Payment must move through an NRE, NRO, or FCNR account, and a PAN card is required for the deal.

Beyond this, the process works the same way it does for resident Indian buyers.

Who Can Buy as an NRI?

An NRI is an Indian citizen living outside India for work or study. An OCI card holder gets the same rights as an NRI. Both can buy any number of flats or shops. No special nod from the RBI is needed for this.

How can NRIs Pay?

Money must flow through bank channels, not through cash. NRIs frequently use an NRE, NRO or FCNR account to make payments. An NRE account keeps income and can be moved back home. An NRO account deals with India-based income, such as rent.

Most Indian banks also provide home loans to NRIs. Loan size can reach up to 80% of the home's value.

Papers an NRI Buyer Needs?

A valid passport and OCI or PIO card come first. A PAN card is a must for any home deal in India. Buyers also need address proof from India and their home country. Many NRIs cannot be in India for every step of a sale. A signed Power of Attorney lets a trusted person act for them. This POA should be signed at the Indian consulate abroad.

Check the RERA Status First

Every project should carry a RERA number before deals are signed. This number proves the layout and plan have state approval. NRIs should check this number on the state RERA site. A project still waiting for this number counts as pre-launch. Prices and plans at this stage stay open to change.

Why Prestige Park Lane Fits This Guide?

Prestige Park Lane is located in KIADB Phase 2 Devanahalli along the airport road. The area spans 32.26 acres, divided into homes and a work park. Nine towers will contain 1,800 flats on this land. RERA registration is still pending.

No registration number has been provided yet. Therefore, NRIs should consider all the details as pre-launch and subject to change. Price now stands near Rs 13,600 per square foot. A 1 BHK starts from Rs 74 lakh, and a 2 BHK from Rs 1.1 Cr. A 3 BHK starts near Rs 1.9 Cr, all on a pre-launch, open basis. Final numbers will come once the brochure and price list go live.

Location is very important for NRIs. Most NRIs have to come to India once in a while, so travel distance becomes important. The land is located approximately 20 Km away from Kempegowda Airport, which is about 29 minutes away by car.

It will be helpful for the owners coming for brief visits from abroad. There is a Satellite Town Ring Road located near the site, about 2 Km away from it.

Prestige Group has built over 300 projects since it began in 1986. This past record gives NRI buyers a good base for their checks. Since booking has not opened yet, treat all current numbers as early and subject to change.

Taxes NRIs Should Plan For

Stamp duty charges in Karnataka stand around 5 percent of the value of the property. Registration fee adds another 1 percent to that. GST is charged at 5 percent for homes yet to be constructed.

Income from rental property in India is considered taxable for NRIs. Later, there would be capital gains tax depending on the tenure.

Sending Money Back After a Sale

NRIs have the freedom to repatriate money from sales of their two homes in India. This involves submission of two documents that should be filled under the guidance of a taxation specialist. Money from NRO accounts has a limit on transfer. I need to plan.

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