Unique Shanti Developers offers rewarding investment options in the major hub of India, Mumbai. We are dedicated to redefining modern living for the people of Mumbai with innovation and care.
At Unique Shanti Developers, we would like to invite and welcome individuals & business houses who share our vision of shaping excellence and who have a keen interest in growing with us. Partner with us for an inspiring tomorrow. We will help you arrive at right investment decisions with right property in Mumbai.
NRI is defined as a person residing outside India who is a citizen of India or a person outside India who is of Indian origin. Under section 2(w) of Foreign Exchange Management Act, 1999, the definition of person resident outside India is defined as a person who is not a resident in India. A person shall be deemed to be a person not resident in India in either of the following cases: When the person stays in India for less than or up to 182 days during the preceding financial year & when a person who has gone out of India or who stays outside India.
Under section 2 (b) of Foreign Exchange Management (borrowing and lending in rupees) Regulations, 2000 and under section 2 (xii) of Foreign Exchange Management (Deposit) Regulations, 2000, the definition of ‘Person of Indian Origin’ is defined as given below:-
The term,‘Person of Indian Origin’ means a citizen of any country other than Bangladesh or Pakistan, who has, at any time held an Indian passport or if either of their parents or any of their grandparents were citizenz of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b)” Person of Indian Origin (PIO) for the purpose of acquiring immovable property in India as given under:- “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 At any time, held an Indian passport; or
Who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)
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 categories can freely purchase immovable property in India under the general permission available:-
Non-Resident Indian – NRI
Person of Indian Origin – PIO , that is an individual (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 either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The general permission, however, covers only purchase of residential & commercial property.
Maintenance of Bank accounts in India
Investments in Immovable properties in India
Investments in securities/shares of, and deposits with, Indian firms/companies
A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power).
It is not an instrument of transfer in regard to any right, title or interest in an immovable property.
A Power Of Attorney, or letter of attorney, is a document that authorizes another person, known as the agent or attorney-in-fact usually a legally competent relative or close friend over 18 years old to handle any combination of financial, legal and health care decisions. A power of attorney is also referred to as a POA. Generally, one chooses a POA as a provision if he or she becomes incapacitated.