By Soniya Gaonkar on Sep 16, 2021 6:31:51 PM
This is the age of globalization. This means that often people who are natives of a certain country moves out to a foreign nation to seek a professional career, make a livelihood and earn money. This can be a long-term process that can span up cross several years. The phenomena are not really quite unheard of in India. In fact, on the contrary, globalization as a trend struck its root deep into India many years ago. This is exactly why we see Indian men and women generations ago, had moved off to other foreign countries like USA, UK and UAE to earn a living, make money and build a professional career of their own.
However it is their country in India, where their hearts belongs. This is why they often try to settle back in India buying a residential property here. A certain section of such Indian citizen who has traveled off to other parts of the world for their professional careers will fall in the category of or Overseas Citizens of India and Persons of Indian Origin. In the course of this discussion we will take a look whether such people can buy and inherit property in India.
The Meaning of OCI/PIO
Image Source: Indian Eagle Website
In the opening of the discussion it has been said that OCI and PIO are people who are Indians but they happen to live abroad. A Person of Indian Origin means foreign citizen who at one point of time was held an Indian passport or who or their parents or grandparents were born and permanently lived in India. And Overseas Citizen of India is a foreign national who is eligible to get a citizenship of India or was a citizen of India at some point after 26 January 1950. Minor children can also be included in this category.
Ways in Which OCI Can Buy Properties in India
If the question can OCI buy property in India has been bothering you then the answer to it is that yes an OCI can buy an immovable property in India. However this has to be a residential real estate property. He/she cannot buy an agricultural land, a plantation or a farmhouse property.
The OCI must follow the rules as set by the Ministry of External affairs at the time of transaction of the funds required for the purchase. The funds transfer must be done through the proper banking channels through inward remittance. Any nonresident account can make the payment if it has been maintained on the guidelines of FEMA 1999. No other form of payment can be considered such as foreign currency, traveler’s cheque, etc.
Additionally if you have been wondering that can OCI inherit property in India then the answer to this yet again happens to be a yes. However it must come from a person who had attained the property through laws in 3c.
Kohinoor Group – a Name That Stands for Trust and Quality
As an Indian who does not stay in the country, selecting a property in India is no small job. In order to invest in the most suitable property you must look for developers who can be trusted for the quality they can offer to their patrons. In this context there is just one name that stands unparalleled in Pune – The Kohinoor Group.
With a long and revered history and track record of 37 years, this construction and real estate developing Group had begun their operations as a cement company back in 1983. It was only in 1989 that the Group officially began operating into the construction and real estate development industry. Since then there has been no looking back. The Group has delivered more than 30 palatial and highly premium residential real estate projects in some of the best locations in Pune.
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Grandeur Tower D – a Super Residential Project at Ravet
The Kohinoor Grandeur Tower D Ravet is one of the most prestigious projects that have been developed by the Kohinoor Group. The initial flats and apartments that were developed by the Group in the first towers had been sold off very quickly which had left many prospectus buyers looking for suitable options, that were all exhausted by them.
Owing to the huge demand of the property, the Kohinoor Group had further extended the project and had started the new tower with all new flats and apartments in it for booking. Ravet is one of the best locations in Pune which offers so many facilities and amenities for the property owners in this region.
Shangrila – Another Wonderful Project by the Kohinoor Group
This is yet again an esteemed residential property in Pimpri Chinchwad by Kohinoor Group. The PCMC region is one of the age old industrial belts in Pune that has several commercial setups. In the recent times the inclusion of the IT hubs in the region has only added to the commercial importance of the region. This is one of the main reasons why the area has become one of the most favored spots for the real estate developers.
The Kohinoor Shangrila Pimpri is one of the most premium properties in the location that have attracted a large bulk of buyers from the various parts of the city and also outside.
Presidentia by Kohinoor – Live Life King Size
The Presidentia by Kohinoor in B T Kawade Road is yet another one of the main residential real estate projects by the Kohinoor Group. The project has been laced with a wide collection of amenities and facilities both built within the complex and also the facilities offered by the premium location of the project.
BT Kawade is a location which is considered to be one of the most premium ones in Pune that only helps to appreciate the ROI of the property in the coming times. No wonder Presidentia by the Kohinoor Group is considered to be one of the most ace residential projects in the BT Kawade road region.