NRI CORNER
Gagan Developers unveils a world of home buying options with maximum convenience
The House of Gagan has always built its excellence on the trust of its endearing customers. While unparalleled quality and dynamic designs have flown the flag of Gagan, it’s the entire spectrum of quality homes and residences that provide for an unmatched experience home buying experience No matter where in the world you might reside, Gagan Developers are here to help you find your dream home in Pune, India, any time and every time.
We are here to provide our NRI customers an easy and fulfilling home buying experience which will last a lifetime. We have compiled herewith a comprehensive set of facts, rules and regulations under one comprehensive roof which enables maximum convenience when it comes to investing in Gagan.
The House of Gagan has always built its excellence on the trust of its endearing customers. While unparalleled quality and dynamic designs have flown the flag of Gagan, it’s the entire spectrum of quality homes and residences that provide for an unmatched experience home buying experience No matter where in the world you might reside, Gagan Developers are here to help you find your dream home in Pune, India, any time and every time.
Pune in the recent years has been a widely preferred destination for real estate investors. The city stands tall with an enormous growth of the residential and the commercial sector due to the arrival of several MNC’s, IT hubs, huge manufacturing set ups and an influx of hotels and malls. These factors have played a widely dominating role in the development of Pune and making it a chosen destination for real estate by the buyers. Pune being also well known for its quality education and its close proximity to Mumbai is a value addition to the city.
Today, places like Hinjewadi and areas around such as Wakad, Aundh, Baner, and Pashan have become one of the prime locations for real estate with the increasing demands from people working in the engineering and IT sector. Koregaon Park is one of the most prestigious addresses in Pune. The area is primarily a residential area surrounded by lush greenery, and is also a crowning Commercial Hub adorned with dynamic connectivity and great shopping centres and entertainment avenues. Also, Viman Nagar is an affluent neighbourhood in the eastern corridor of Pune, which is also home to the Pune Airport. The area offers absolute accessibility to work and leisure as well as to good educational institutions, making it a coveted and highly sought after residential destination.
In East Pune, Kharadi is an important suburb located on the banks of the Mula-Mutha River. Kharadi is known for its various IT and business parks, and is a major business hub.
To make the process of buying a property easier for our growing NRI customer base, we have compiled a comprehensive set of facts, which makes investing in our properties hassle free. PIO / OCI – Definition and general guidelines.
Who is a PIO?
Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
At any time, held an Indian passport, or
Whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
Who is OCI?
Any person of full age and capacity:
- Who is a citizen of another country, but was a citizen of India at the time of, or at any time after, the commencement of the constitution, or
- Who is a citizen of another country, but was eligible to become a citizen of India at the time of the commencement of the constitution, or
- Who is a citizen of another country, but belongs to a territory that became part of India after the 15th of August, 1947.
- Who is a child of such a citizen, or
- A person, who is minor child of a person mentioned in clause (1)
- Provided that no person, who is or had been a citizen of Pakistan, Bangladesh shall be eligible for registration as an Overseas Citizen of India.
Documents required for buying property
- PAN card (Permanent account number)
- OCI / PIO card (In case of OCI / PIO)
- Passport (In case of NRI)
- Passport size photographs
- Address Proof
Can NRIs purchase or sell residential property by way of gift?
Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.
Yes, the Reserve Bank of India has allowed NRIs to purchase or sell NRI Indian Properties through the medium of a gift from or to a relative who is an Indian Citizen or a Person of Indian Origin (PIO) whether residing in India or not.
Does Capital Gains Tax (CGT) apply to NRI / PIO / OCI?
Yes. Long-term and short-term capital gains are taxable with respect to Non-Residents Indians.