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Amandeep Group - Developing Happiness
The Company's operations encompass various aspects of real estate development, The Company’s mission as a real estate company is to develop and deliver unique, integrated lifestyle and work place environments through its focus on high quality architecture, strong project execution and our customer-centric approach. We approach every venture with dedication and a passion.
To satisfy every customer’s need for a better experience through quality construction and employee contentment. We are a customer oriented company and we believe in putting in our best foot forward in our journey.
Sale and purchase of immovable property in India:
The Foreign Exchange Management Act, 1999 (FEMA), came in force with effect from June 1, 2000. Section 6 (3) (i) of the Act empowers the Reserve Bank to frame regulations to prohibit, restrict or regulate the acquisition or transfer of immovable property in India by certain persons mainly residents outside India. The restrictions under this clause are not applicable to a lease of immovable property for a period not exceeding five years. The regulations made by the Reserve Bank are called Foreign Exchange management (Acquisition and Transfer of Immovable property in India) Regulations, 2000, and have been notified vide Notification FEMA No. 21/2000-RB of May 3, 2000.
A synopsis of the said Regulations is as under:
All persons, whether resident in India or outside India, who are citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, require prior permission of Reserve Bank for acquiring or transferring any immovable property in India.
A person resident outside India, who has been permitted by Reserve Bank to establish a branch, or office, or place of business in India (excluding a Liaison Office), has general permission of Reserve Bank to acquire immovable property in India, which is necessary for, or incidental to, the activity. However, in such cases a declaration, in prescribed form (IPI), is required to be filed with the Reserve Bank, within 90 days of the acquisition of immovable property.
A synopsis of the said Regulations is as under:
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A person of Indian origin resident outside India does not require any permission to acquire any immovable property other than agricultural land/farm house/plantation property in India by purchase, from out of funds: received in India by way of inward remittance through banking channel from any place outside India, or held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank under the Act.
A person of Indian origin resident outside India does not require any permission to acquire any immovable property in India other than agricultural land/farm house/plantation property by way of gift from a person resident in India or from a person resident outside India who is a citizen of India or from a person of Indian origin resident outside India.
CORPORATE OFFICE
AMANDEEP INFRAHOME PVT. LTD
B-85, Sector-63 Noida, U.P 201301
Mobile No- 8527702677
http://www.amandeepgroup.com
http://www.amanheights.co.in
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