Mr. Sanjay is a Post Graduate and has been running successful business venture for over a decade. Owing to his impeccable track record, he has been made the Secretary of the Kanchepuram area of his Industry.
Mr. Prasanna is a Post Graduate and has been running various successful businesses for over a decade. His deep rooted value systems helps in keeping the culture at Future Homes alive and value driven.
Mr. Mahendra is a Post Graduate and has a rich experience in the Corporate world by heading the entire Tamil Nadu sales for a leading Manufacturer. He has been running a successful Retail Chain of business for over 8 years now. Thus he has a total of over 15 years of experience in the industry. His focus is to keep the whole team at Future Homes dynamic and vibrant.
Mr. Thomas has completed his BE and MBA from leading institutes. He has worked in leading Organisations in India and abroad for over 7 years. He has been successfully running 4 businesses for over 3 years now. He focuses on ensuring that all the Operations at Future Homes, remains, Customer Centric.
In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a NRI or PIO, the authorised dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied: -
The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999;
In case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.
With the rupee falling, real estate has been one lucrative investment option for non-residential Indians (NRIs). Also, whether the market is hot or not, many NRIs like to have a place back here in India. The RBI's regulations on it are fairly easy as well and you do not have to take any prior permission from the authorities. The rules for any such property transaction fall under the Foreign Exchange Management Act (FEMA).
An NRI or Person of Indian Origin (PIO) can own both residential as well as commercial properties in India and there is no restriction on the number of properties you can buy. However, you cannot purchase any agricultural land, farm house and plantation property. You can have ownership of such property only if they've been gifted or inherited.
Also, the monetary transaction must be in Indian rupees (INR) and through normal banking channels using an NRI account.
Funding the Purchase:
Lenders will be more than happy to fund your purchase provided you are eligible and the property papers are clean. It will be wise to get the papers verified by a lawyer before going ahead. Make sure to check the title papers of the property, especially if it is inherited or jointly held, and take a bank release in case it was at any point of time under mortgage. Also, take a no dues certificate from the seller at the time of purchase to ensure there is no water, electricity or any other pending bills with the authorities. For new constructions, land title should be clear and the builder should have taken all approvals and permits from the civic authorities in terms of construction. Also, education qualification and profession play a role in deciding your loan eligibility. Like, only graduate NRIs can avail home loans in India.
According to RBI norms, a maximum of 80% of the value of property can be funded by a financial institution. Rest has to come from the NRI's personal resources. Indian financial institutions give rupee loans and so the same needs to be repaid in rupees only. "Another option NRIs can use is to get funding overseas where interest rates are lower and is a good idea especially if you are still overseas and have income accruing there," says Anil Rego, CEO and Founder, Right Horizons, a Bangalore-based financial planning firm.
Since all transactions must happen through the banking channel, repayment has to be done by inward remittances. You can directly get the money remitted from NRO/NRE account in India or issue post-dated cheques or Electronic Clearance Service (ECS) from your NRE, NRO or Foreign Currency Non Resident (FCNR) account.
In case you let out the property you can use the rent to repay the loan as well. Cheques issued from a relative's local account can also be used to make the loan payments.
Passing the PoA:
If you are buying an under-construction property, your developer may ask for a power of attorney (PoA) favouring them. This is not unusual and would make documentation work slightly easier and quicker.
A PoA can be given to execute any contracts, deeds as well as mortgage, lease or even sell. So make sure the kind of authority you are giving to the person through the PoA. Just get it worded properly by a professional lawyer you trust.
Also, if and when you want to dispose the property, it is a good idea to have a PoA to be a resident India who may be able to act on your behalf to complete formalities such as registration, possession, execution of agreement of sale, etc.
Regulations on Sale of Property by NRIs:
Under the FEMA rules, if you are an NRI, you can sell any residential or commercial property you have bought or inherited to anyone you want. If you have any inherited agricultural property, plantation or farm house, you have to search for a resident Indian to buy it. However, you are allowed to gift them to another NRI or the person of Indian origin. There are some specific RBI guidelines on the repatriation of sale proceeds which need to be adhered to.
You need to decide on whether you want money as repatriateble or not. "If you want to repatriate, it needs to come in foreign currency from an overseas account, NRE or FCNR account. One can repatriate up to the amount invested in the property," says Rego.
"The other condition is that repatriation cannot exceed the foreign exchange amount paid for purchase of property through banking channels. Refund of application money, bayana, advance on cancellation has no limitations," says Sudhir Kaushik, co-founder and CFO of Taxspanner.com
Also, it must be noted that an NRI cannot repatriate proceeds of more than two properties.
A property is also a good tax saving tool for both residents and non-residents. The benefits for a non-residential Indian (NRI) are very similar to the tax benefits of a resident Indian. An NRI is entitled to all tax benefits related to purchase of property that a resident Indian is. So, you can claim a Rs 1 lakh deduction under 80C.
There is no person in the world that can live without dreaming. Dream is a kind of shelter where everyone finds a harmony. Life is'nt finding a shelter in the storm. It is about learning to dance in the rain. It takes hands to build a shelter but only hearts can build a home. We at Future Homes are dedicated to transform your living in our well planned and futuristic homes.
Home is where love resides, memories are created, friends always belong and families are forever. Our aim is to make it a wonderful memory that you cherish for the rest of your lives.
Our architecture is conceptualized to take care of the changing tastes of each time and to bear the test of times to come. Our Proficiency is end to end. From selection of the location, design, execution, & Quality assurance , we focus on every process and ensure that your home turns out to be an impeccable monument that you adore.
Powered by a team of professionals and driven by the core value of " Quality, Integrity & Innovation", In less than a decade, Future Homes has set its glory to enlighten the lively industry of Real Estate and has earned the admiration of our delighted customers.
Future Homes Global Pvt Ltd is committed to continual improvement by delivering quality projects in time and in customer satisfaction by exceeding their requirements.
To achieve this, we shall:
Future Homes Global Pvt Ltd.,
2/48, Veteran Lines,
Pallavaram, Chennai - 600043.
Contact Numbers: 9244422214 / 9551127777 / 044-22640188
We are planning to develop our business in chennai through joint ventures and outright purchases.
Expansion is our mission and the land owners are the ladder to our growing business.
Land owners with 2 grounds of land and more are welcomed for a JV/Sale with the most reliable builder, who is loyal and transparent.
We endeavor to fulfill the most important one - valuing your land as much as you do.
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Disclaimer: as the same property may be referred by many mediators, we would deal with one mediator per property on the first come first serve basis. If there is no response from the mediator in 1 week of time, the second in line will avail the opportunity.
Leaders in the family of Future Homes never make the team follow but invite them on a journey.
If you are ready for a journey with the people of high potential around you & with a passion to fulfill the vision, apply here:
I have been really, really impressed with the level of customer service Future Homes has provided for Loan arrangement, house registration etc. I'm so glad I picked you guys.
- Muthukumar S
Assistant Consultant | TATA Consultancy Services
I feel very happy about Future Homes Project and Persons. I would like to thank all your patience in completion of my Flat and I wish you all for your future projects.
- Balasekar S
System Administrator | Wipro Technologies Pvt Limited
Genuine builder. Forward thinking and I can say they are building their own house not flats for sale. The care they had taken will show this when you visit the site. Reasonable price and are all ears to what the customers say.
- Balaji Srinivasan
Senior Specialist | Shell India MP Ltd