Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are: Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad; OR Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; OR Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organisation (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP) OR Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.
Some of the factors to consider while purchasing a flat are: Locality i.e. transport, schools, hospitals, market, business district, entertainment centres, hotels, restaurants, pollution levels Quoted area of the flat i.e. Carpet, Built Up Area and super Built Up Area Car parking space Quality of construction Reputation of the builder or seller Sufficient water and electric supply, other utilities Cost components : price, stamp duty, registration charges, transfer fees, monthly outgoings and society charges, costs of utilities Potential for resale or renting out of the property Any other distinguishing features or advantages of the property
Reserve Bank has granted general permission for sale of such property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.