There’s quite nothing like the reassurance of having a home where your heart is. And there’s never been a more opportune moment. With the dollar at an all-time high, now is the time to take the first step in investing in a home of your dreams.

And who better to appreciate this sentiment than one of  India’s premier real estate group – The Saanvi Group. The group is currently developing properties in excess of 2 lac sq. ft. in and around Mumbai & Pune.

The group’s strong brand and execution capabilities have attracted the best financial investors from across the globe. The group has consistently delivered luxury lifestyles through innovative solutions, not just by building structures but by building better lives. Saanvi Group collaborates with leading professionals and suppliers for facilities management, to deliver excellence in every aspect of development.

At Saanvi Group, we have a focused dedicated sales team which offers real estate solutions to our prestigious NRI clients.  We understand your requirements because we understand you, and the fact that nothing but the finest remains the benchmark for the well-heeled and well-travelled, such as yourself.


Who is an NRI ?

Indian Citizen who holds a valid Indian passport and stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident Indian (NRI). Non-resident foreign citizens of Indian Origin are treated at par with non-resident Indians (NRI).

Who is considered a person of Indian origin(PIO) for investment in immovable properties?

A foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal) is deemed to be of Indian origin if:

  • He held an Indian passport at any time,
  • He or his father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (Act No. 57 of 1955).

What is an OBC ?

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin residing outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts in which at least 60% of the beneficial interest is irrevocable held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs as long as the ownership/beneficial interest held in them by NRIs continues to be at least 60%.

What are the various facilities available to NRIs & OBCs ?

  • NRIs/OCBs are granted the following facilities:
  • Maintenance of bank accounts in India.
  • Investments in securities/shares of, and deposits with, Indian firms/companies.
  • Investments in immovable properties in India.

Can NIRs/PIOs buy immovable property in India?

If you are of Indian Origin and hold an Indian Passport, then you are entitled to buy property in India. If you are an overseas passport holder like a US Passport or a British Passport Holder, then you need to have a PIO Card. This can be applied for at the Indian Embassy or Consulate in your country where you are residing or you could enquire with them for further details. It is sufficient if you have your father’s or mother’s passport or birth certificate or any other proof of their being an Indian Citizen. It is essential to carry that proof with you.

How can NRIs/PIOs pay for the property purchased ?

  • There is no restriction or condition on payment while buying property. Normal banking channels are applicable.
  • FCNR. Foreign Currency Non Resident account in India.
  • NRE. Non Resident (External) Rupee account in India.
  • Remittance from abroad through normal banking channels.
  • NRO. Non Resident (Ordinary) Rupee account in India.
  • Although the payment could be in rupees or any foreign currency, no repatriation benefits are applicable on these investments.

Can  NRIs/PIOs obtain Housing Loans from Financial Institutions?

The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.

Can NRIs/PIOs lease &/or sale  the immovable property without permission of Reserve Bank of India ?

If the NRI’s property is lying unused, he can lease it out and earn the proceedings. RBI approval or permission is not required. There are only two restrictions, (i.e.) the proceeds out of this lease is taxable and the proceeds cannot be taken out of India. Also, outright selling of NRI property does not require RBI permission although the profit on sale is liable to capital gains tax.

If an NRI wishes to sell his property and take away the profits, then:


  • He can take away the proceeds.
  • Sale is restricted to only two properties
  • Sales allowed only after three years.


  • Money must be kept in India.


  • Any or all can be sold
  • Entire proceeds can be transferred.

Is there a limit on investment to purchase Commercial or Residential Property?

Non Resident Indians are allowed to make real estate investments in India without any cap on the quantity or the number of investments.

Can NRIs/PIOs  acquire or  dispose property by way of gift?

Yes, an NRI / PIO may gift residential / commercial property to a person resident in India or to an NRI or a PIO. However, a foreign national of non-Indian origin gifting to another foreign national needs prior approval of the Reserve Bank of India.

Is there a limit on number of Residencial/ Commercial properties that can be purchased?

There are no restrictions on the number of residential / commercial properties that can be purchased by an NRI / PIO under general permission.

Power of Attorney.

The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possession, etc.) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose.

Disclaimer: The website is purely conceptual and is not a legal offering. Further the builders/ architect reserve the right to add / delete / alter any details mentioned herein without prior notice.
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