Real Estate Investment for NRIs in Mangalore

Indian real estate is one of the most lucrative investment options for NRIs that yields steady returns. And with the current competitive prices of properties in Mangalore for both commercial and residential, the time is ripe for investors and property buyers to invest in this coastal city of Karnataka. 

As the concept of contemporary integrated townships and world-class infrastructure takes wings across all cities in the country, investments in real estate are a guaranteed and future-proofed revenue generator in India. 

According to the amendments of the Foreign Exchange Regulation Act (FERA), now NRIs can purchase residential and commercial properties without prior permission from the RBI. Even if the NRIs rent out the property, the returns can be credited to the revenue of your NRO account hassle-free. And the cherry on the top is that there is no limit on the number of properties NRIs can buy. 

FAQs & Queries

An NRI is an Indian citizen who stays abroad under circumstances that indicate an uncertain duration of stay and is therefore called a non-resident Indian. Persons posted in UN organisations along with officials deputed abroad by Central/State Governments on temporary assignments are also treated as non-residents.

A PIO is a Person of Indian Origin who held a passport in a country other than Bangladesh, China, Afghanistan, Bhutan, Nepal, Pakistan, and Sri Lanka. The PIO Card programme came into effect on 15 September 2002, and on 15 January 2015, the Person of Indian Origin card scheme was withdrawn by the Government of India and was merged with the Overseas Citizen of India (OCI) card scheme. Currently, all the PIO cards are treated as OCI cards. PIO card holders will get a special stamp on their existing PIO card, stating “lifelong validity” and “registration not required”, thus making them equal to the existing OCI cards. PIO cardholders were given an extended deadline to convert their card to OCI, free of cost before June 30, 2017.

The Overseas Citizenship of India (OCI), formerly known as Person of Indian Origin (PIO), is an immigration status that permits a foreign citizen of Indian origin to live and work in the Republic of India indefinitely.

An NRI can purchase the property, either as a single owner, or jointly, with any other NRI. However, a resident Indian or a person, who is otherwise not allowed to invest in a property in India, cannot become a joint holder in such property, irrespective of the second holder’s contribution towards the purchase.