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FAQs

Super Built up Area

This includes the apartment along with the corridors or passages, stairways and fire escapes, common areas such as lobbies and the clubhouse. The space considered super built up is in effect, the entire building including the thickness of walls, balconies and all other common amenities, which are divided in proportion to individual apartments.

Plinth Area

This comprises the apartment including the thickness of all the exterior and interior walls. It includes only the dwelling unit and walls around it and not the common amenities or corridors in the building.

Carpet Area

This is the actual and physical useable area in the apartment. It is the area within the four walls of the apartment, where you can lay a carpet. It does not include the wall thickness or any of the common amenities in the building.

Can foreign nationals of Indian origin own real estate properties in India?

Foreign nationals of Indian origin, whether resident in India or abroad, have been legally backed to purchase and keep immovable property in India. They are allowed to make payment either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks within India. Also on purchasing the property, they are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank, Bombay within not more than 90 days from the date of purchase of Immovable property.

Is it allowable for NRIs to purchase a property in India through Agents or through Power of Attorney?

It is legally permitted for NRIs residing abroad to purchase the property through their relatives and/or by executing the Power of Attorney in their favour, if it is not possible for the buyer to be present for completing the paper formalities. Power of Attorney should be executed on the stamp paper, in the witness of the proper authorities in foreign countries. It has to be noted that Power of Attorney cannot be drafted on the stamp paper bought in India

What are the formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of purchase of Immovable property.

Can such residential property be given on rent if not required for immediate residential use?

Yes

Can the rental income from such property be remitted outside India?

No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.

STATUTARY CHARGES

• VAT (value added tax)
• Labor welfare fund
• One time building tax
• Stamp duty
• Registration
• KSEB deposit
• Water authority deposit