NRI Corner

Overview

Chandak Group has been helping change the skyline of Mumbai for over 4 decades. Today, our humble but significant contributions to the growth of the maximum city stands as testimony to the group's reliability.

Each of our projects is a result of long hours of planning and the meticulous application of the latest construction techniques by highly qualified, passionate people. We aim to exceed benchmarks and expectations every single time, and in the process, we constantly add to our capabilities and our ability to raise the bar.

Why Invest in India?

Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13 per cent of the country’s GDP by 2025.

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The Indian real estate sector has witnessed high growth in recent times with the rise in demand for office as well as residential spaces. Private Equity and Venture Capital investments in the sector have reached US$ 1.47 billion between Jan-Mar 2019.

According to Department of Industrial Policy and Promotion (DIPP), the construction development sector in India has received Foreign Direct Investment (FDI) equity inflows to the tune of US$ 25.04 billion in the period April 2000-March 2019.

    Source
  • www.theweek.co.uk
  • The World Bank's Economic Prospects report 2019
  • PwC's Global Economy Watch report 2019
  • www.ibef.org
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The rapid urbanization offers significant opportunities for real estate in Indian cities with rise in demand for commercial and residential spaces. Real estate is expected to contribute 13% of India's GDP by 2025.

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India's real estate sector growth has placed our six metros – Mumbai, Delhi, Chennai, Hyderabad, Bengaluru and Pune – in the top 10 emerging property investment destinations list for the Asia-Pacific region.

    Source
  • www.ficci.in
  • Knight Frank India
  • KPMG's 'Indian Real Estate and Construction: Consolidating for growth' report 2018
  • Ministry of Urban Development, Handbook of Urban Statistics, 2016
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Why Invest in Mumbai?

The Mumbai Metropolitan Region is the largest real estate market in India compared to other key regions and is larger than Bengaluru and NCR combined. Mumbai has one of the highest commercial rental yields in the world.

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Among 34 global cities rated by Knight Frank in their Global Cities 2018 Report, Mumbai ranks third – ahead of global financial hubs like Singapore, Hong Kong, New York, London and Beijing. In other words, buying a home in Mumbai might well be your best investment decision.

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Mumbai is the financial hub of the country, generating approximately 6.2% of India's total GDP and accounting for approximately 30% of total FDI inflows in India. 24 of the 58 Indian companies to feature on the Fortune 2000 list for 2017 are headquartered in Mumbai. 11 of the 22 banks to feature on the list have their head office/ corporate office in Mumbai.

    Source
  • Fortune 2000 for 2018

Why Invest with Chandak?

Chandak Group believes in the business of developing communities that are self-sustaining, safe and peaceful. Our homes are designed to nurture families and allow life to unfold in all its beauty and joy. The idea of bringing people together from various walks of life excites us and gives us the enthusiasm to create vibrant neighborhoods.

This foundation of trust has helped us reach greater heights at an accelerating pace. In the last two years alone, we have constructed and delivered 4.2 lakh square feet of residential space with occupancy certificates.

The Promise of
Timely Delivery

The Promise of
Simplifying Home Buying

The Promise
of Beauty

The Promise of
A Bright Future

The Promise of
Harmonious Communities

The Promise of
Excellence

FAQs

Who is Non-Resident Indian(NRI)?

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-residents). Non-resident foreign citizens of Indian origin are treated on par with non-resident Indian citizens (NRIs).

Who is a PIO?

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

What is OCI?

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

Can NRIs buy real estate properties in India?

Yes. NRIs can buy and sell residential and commercial properties in India.

Is there any restriction on the number of properties NRIs can buy in India?

There is no restriction on the number of residential or commercial properties an NRI can own in India. However, the law restricts NRIs from purchasing any kind of agricultural land/ plantation property/ farm house in India.

What are the documents required for buying a property in India?

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

Can NRIs acquire or dispose residential property by way of gift?

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.