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Be a part of the India growth story?

Why India?

India remains one of the fastest-growing economies in the world. FDI inflows increased by 37% since the launch of Make in India initiative. Leading investors ranked India as the most attractive market.

Why Pune?

Pune in Maharashtra has always ranked among the top 10 cities of India favored for its rich, cultural, traditional & historical values as well as modern outlook. Windsor Shelters has 2 ongoing residential projects & farmhouse plot projects that make for great propositions to the investor, as well as many NRI’s, are already benefiting from. The depreciation of the Indian rupee against the US dollar has made investments in India’s real estate sector more affordable and extremely lucrative for international investors.

In fact, at the Overseas Indian Facilitation Centre (OFIC) every other investment query is regarding buying residential property in India. With the Union Cabinet approving the Real Estate (Regulation and Development) Bill, the sector has become more transparent and attracting a large number of investors compared to last 3 years. With several big infrastructure projects like the Metro Rail Project and proposed Pune International Airport plan on the cards, real estate dealers highlight Pune as the most preferred locations for property investment. This is leading to maximum demand for the localities around IT hubs when it comes to both owned and rented flats. Even suburban areas of the city are also witnessing a remarkable growth.

Company at a glance

Windsor Shelters is the flagship company of the Windsor Group. Windsor Shelters has been creating strong foundations for almost 2 decades, have experience, conceiving, developing, constructing and managing varied projects. It is incorporated in 1992 and is now a much respected and trusted real estate brand.

Frequently Asked Questions

    A person of Indian origin (PIO) who can claim to have Indian lineage doesn’t require any special permission to buy property in India. However, there is a clause inserted by the Foreign Exchange Management Act (FEMA) in 1999 which stipulates that a foreign national of Indian origin cannot purchase agricultural land or invest in a farmhouse or plantation in India. Such properties are limited to resident Indians only.

    Payment for real estate investments should also be done in Indian rupees, with funds transferred to India through legal banking channels.

    Foreign nationals of Indian origin who have held Indian passports in the past or who can claim Indian lineage are known as PIOs and are covered under the general permission act to buy property in India – without filing for permission from the RBI.

    However, the payment for the same needs to be done through funds transferred to India through normal banking channels or via funds held in NRE/FCNR(B) accounts. Alternatively, payment can be done through NRO accounts maintained in India. Payments cannot be made from outside India, through foreign currency or through travelers’ cheques.

    Non-resident Indians (NRIs) who aren’t physically present in India can still be able to buy property in India through the help of a power of attorney or agent, who can make the transactions on their behalf. Based on mutual trust and understanding, an agreement can be made between an NRI and their relative or lawyer/agent to execute the purchasing formalities of the said property through Power of Attorney executed on behalf of the NRI.

    The Power of Attorney formalities should be executed on a stamp paper in front of the relevant authorities.

    There is no specific permission required by non-resident Indians residing abroad from the Reserve Bank of India (RBI) when making real estate investments within India. This is because the RBI has given general permission to non-resident Indians for investing in residential and commercial properties.

    However, there is a clause set up by the Foreign Exchange Management Act (FEMA) in 1999 and executed in June 2000 that prevents non-resident Indians from investing in agricultural land, farmhouse or plantation properties in India.

    A foreign national of Indian origin is also referred to as a person of Indian origin or a PIO. These are people living abroad who have once held an Indian passport or have relatives of Indian origin. Buying immovable property in India is regulated by the Foreign Exchange Management Act, 1999, and entails that non-resident Indians and PIOs cannot buy property in India that is agricultural land, plantation or farmhouse. PIOs will need to file a declaration form IPI 7 with the central office of the RBI within 90 days of purchase of an immovable property.

    Non-resident Indians or NRIs who hold Indian passports are also eligible for availing of NRI loans in rupees up to one crore when buying property – just like any other resident Indian. However, there are slight differences when it comes to the repayment of EMIs. Monthly remittances have to be made in rupees from an NRO, NRE or FCNR account. The money remitted to these accounts should also be done through legal banking channels.

    Most banks ask for a resident co-applicant or an NRI guarantor who will need to provide identity, address, and income proofs.

    Income earned as rent on real estate investments by Non-resident Indians (NRIs) will need to be deposited in Ordinary non-resident rupee (NRO) accounts. While FEMA allows rent income to be deposited in NRE accounts, banks prefer it’s being deposited in NRO accounts only. And as long as the income is earned in India, it will become taxable in accordance with Indian laws too.

    To repatriate this rental income abroad, it will have to be first transferred from an NRO account to an NRE account before becoming eligible to remit abroad.

    A person of Indian origin (PIO) or a non-resident Indian (NRI) can make any number of real estate investments under the general permission act as there are no limits on the number of properties that can be purchased by NRIs or PIOs.

    However, these properties have to be paid for by foreign funds transferred into the country through legal banking channels. Funds maintained in non-resident accounts in accordance with the provisions and regulations of the RBI and the FEMA Act, 1999 can be used to buy property in India.

    As far as tax implications for buying a property in India by non-resident Indians go, he is as entitled to tax benefits as a resident Indian is. An NRI can claim deductions of up to Rs.1.5 Lakh under section 80C. Property purchased through NRI loans has further advantages as tax claims on the interest rates on the loan have no upper ceiling for NRIs. A flat 30% tax claims on any rent income can also be made in lieu of maintenance. And if the real estate investment is left vacant, there is further wealth tax exemption.

    An Indian citizen who 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. (Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non- resident Indian citizens (NRIs).

    A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who: held an Indian Passport at any time, or who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.

    The Overseas Citizenship of India(OCI) is an immigration status permitting a foreign citizen of Indian origin to live and work& in the Republic of India indefinitely.

    Yes, under the general permission granted by the Reserve Bank, property other than agricultural land/farmhouse/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.

    The following is the list (non-exhaustive) of documents required for NRIs to buy property in India:

  • PAN card (Permanent account number)
  • OCI / PIO card (In case of OCI / PIO)
  • Passport (In case of NRI)
  • Passport size photographs
  • Address proof

    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.

    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 an 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.

    The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like a copy of the passport and a copy of the works contract, etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.

    Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the Home Finance Company would need a 'representative' 'in lieu of' the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI's parents/wife/children/ close relatives or friends.

    The documents needed for obtaining NRI home loans are Bank specific. The general list of documents are as mentioned below:
  • Passport and Visa.
  • A copy of the appointment letter and contract from the company employing the applicant.
  • The labor card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details.
  • Bank Statements for the last six months.
  • List of Classified documents for Salaried and Self Employed NRI Applicants. Banks may have specific requirements apart from the below-listed documents.
    Salaried NRI Applicants
  • Copy of valid passport showing VISA stamps.
  • Copy of valid visa/work permit/equivalent document supporting the NRI status of the proposed account holder.
  • Overseas Bank A/C for the last 3 months showing salary credits.
  • Latest contract copy evidencing Salary / Salary Certificate / Wage Slips.
  • Self-Employed NRI Applicants
  • Passport copy with valid visa stamp.
  • Brief Profile of the applicant and business/ Trade license or equivalent document.
  • 6 months overseas bank account statement and NRE/ NRO account.
  • Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts).

    Yes. Long-term and short-term capital gains are taxable in the hands of non-residents.

    In case of sale of immovable property, the Double Tax Avoidance Agreement (DTAA) with most countries state that capital gains will be taxed in the country where the immovable property is situated. Hence, if an NRI owns immovable property in India, then he/she will be subject to pay tax in India on the capital gains which arise on the sale of the property. Similarly, letting of immovable property in India would be taxed in India under most tax treaties.

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