NRI Corner

Legal Information

India is on the brink of a major economic and infrastructure surge, with Mumbai, the nation’s financial capital. At the heart of this transformation, making it an ideal time for NRIs (Non-Resident Indians) to invest in Indian real estate, especially in high-demand areas like Mumbai, Buying Property in India for NRIs involves unique considerations, as their status plays a crucial role in property purchase, taxation, and financial transactions under Indian law.

Your eligibility as an NRI

Mumbai’s MK Shelters is a reputable and rapidly expanding real estate firm renowned for its boutique style and extensive knowledge of the residential market. We have built a solid reputation in important areas like Andheri, and thanks to our history of completing more than nine successful projects and a growing community of contented families.

We are a group of enthusiastic experts dedicated to providing individualised service, prompt delivery, and high quality. Our enduring trust with our clients, partners, and suppliers is what makes us unique and serves as the cornerstone for our ongoing expansion.

We don’t just build structures; we design homes that represent lifestyle, goals, and long-term value, and we have a proven track record of keeping our word. For NRIs looking to invest in property in Mumbai, our legacy, local expertise, and commitment to transparency make us a reliable and future-ready partner. Whether it’s for a family home or a smart investment, MK Shelters offers opportunities that are both secure and rewarding.

PIO

A PIO stands for “Person of Indian Origin.” PIO is a term used to describe individuals who have Indian ancestry or roots but are not necessarily Indian citizens.

PIOs are typically foreign nationals or citizens of other countries who have a connection to India through their heritage, family background, or ancestry.

OCI CARD

The Indian government introduced the Overseas Citizen of India (OCI) card, which provides certain benefits and rights to foreign nationals of Indian origin.

In many cases, the OCI card has replaced the PIO card for individuals with Indian heritage living abroad.

NRI Investment: What Properties Are Permitted?

Residential Property

NRIs can purchase residential properties, including apartments, houses, and condominiums, either individually or jointly with other NRIs or Indian citizens. There are no restrictions on the number of residential properties an NRI can buy.

Commercial Property

NRIs can buy commercial properties such as offices, shops, and warehouses, either individually or jointly with other NRIs or Indian citizens. There are no specific limits on the number of commercial properties that can be purchased.

Agricultural Land

NRIs are generally not allowed to buy agricultural land in India, except in certain cases where they have inherited the land or received it as a gift. Specific state regulations may apply, and it’s important to check with the local authorities.

Plantation and Farmhouse

NRIs are permitted to purchase plantation and farmhouse properties, subject to certain conditions. These conditions vary from state to state, and approval may be required.

Inherited Property

NRIs can receive property in India as a gift from a relative or any person, including Indian citizens and other NRIs. Gifted property may be subject to certain tax implications.

Repatriation of Sales Proceeds

NRIs can repatriate the sale proceeds of property to their country of residence, subject to specified limits and conditions set by the Reserve Bank of India (RBI).

It’s essential for NRIs to be aware of the specific rules and regulations regarding property ownership in India, including state-level regulations that may apply. Additionally, NRIs should consult with legal and financial professionals to ensure that they comply with all legal requirements when buying, selling, or inheriting property in India.