Insights
RERA and real estate
Notes on Indian law filed under RERA and real estate. The practice itself is described on its own page.
An allottee can seek a refund with interest, delay interest, insolvency or a consumer award against a developer that has not delivered
An allottee whose developer has not delivered a flat can ask, under section 18 of the Real Estate (Regulation and Development) Act, 2016 (RERA Act), either for the money back with interest or, staying in the project, for interest for every month of delay, at the rate in rule 16 of the Karnataka Real Estate (Regulation and Development) Rules, 2017, which is the State Bank of India highest marginal cost of lending rate plus two per cent.
An NRI or OCI cardholder selling a flat in India and sending the money abroad: the rules from 1 April 2026
A non-resident Indian (NRI) or an overseas citizen of India (OCI) cardholder may sell immovable property in India to a person resident in India, and the Reserve Bank of India's directions under the Foreign Exchange Management Act, 1999 (FEMA) let an authorised dealer bank send the money abroad, but each exit route has its own cap and conditions.
An heir living abroad can inherit property in India, but money leaves the country only up to USD 1 million a year without Reserve Bank approval
Under section 6(5) of the Foreign Exchange Management Act, 1999 (FEMA), rule 24(c) of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and the Reserve Bank of India's (RBI) Master Direction on immovable property, a non-resident Indian (NRI) or overseas citizen of India (OCI) may inherit any immovable property in India, agricultural land included.
Delay under RERA runs from the date in the agreement for sale, not from the date the project was registered
Section 18(1)(a) of the Real Estate (Regulation and Development) Act, 2016 fixes liability by reference to the terms of the agreement for sale and the date specified in it.
What an Overseas Citizen of India cardholder may and may not do in India: rights, property, work and cancellation
An Overseas Citizen of India (OCI) cardholder is a foreign national, and the Ministry of Home Affairs (MHA) notification S.O. 1050(E) of 4 March 2021, made under section 7B of the Citizenship Act, 1955, gives the cardholder a lifelong multiple-entry visa, parity with a Non-Resident Indian (NRI) on buying and selling immovable property other than agricultural land, a farm house or plantation property, and the rights of a foreigner in every other economic, financial and educational field.
A power of attorney signed abroad to sell a flat in Bengaluru: the route, the stamp clock and the limit
A non-resident Indian (NRI) who signs a power of attorney abroad has two routes to a document Indian authorities will take: signature before an Indian consular officer, or signature before a foreign notary followed by an apostille under the Hague Convention of 1961.
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