NRI Jointly buying immovable property with Resident Indians - Payments - Indian Real Estate Forum

rakeshp · 12-09-11

Hi,

I tried to extract some information on below, but there are no clear answers.

It says an NRI can buys property jointly with a resident Indian e.g. Father, Mother etc, but how the payments work out for this. Can the resident Indian can pay a part of it from his local "resident account". Builders prefer to keep it clean and want everything out of NRE/NRO account. Anybody with with experience in this scenario and what are the nuances.

Thanks in advance !!

gharondabhai · 15-09-11

If the builder is so fussy then you can do a very simple thing.

Ask your partner/co-owner to deposit the money in your NRO account(cash/cheque/draft) and then you happily give cheque to builder from your NRO account.

12-09-11	#1
rakeshp Member Join Date: Nov 2010 Posts: 183 My Mood: Thanks: 13 Thanked 20 Times in 10 Posts	NRI Jointly buying immovable property with Resident Indians - Payments Hi, I tried to extract some information on below, but there are no clear answers. It says an NRI can buys property jointly with a resident Indian e.g. Father, Mother etc, but how the payments work out for this. Can the resident Indian can pay a part of it from his local "resident account". Builders prefer to keep it clean and want everything out of NRE/NRO account. Anybody with with experience in this scenario and what are the nuances. Thanks in advance !!

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15-09-11	#2
gharondabhai Veteran Member Join Date: Nov 2010 Posts: 2,270 My Mood: Thanks: 72 Thanked 274 Times in 173 Posts	If the builder is so fussy then you can do a very simple thing. Ask your partner/co-owner to deposit the money in your NRO account(cash/cheque/draft) and then you happily give cheque to builder from your NRO account.