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Frequently
Asked Questions
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What are the preference of
company while buying the lands and constructions?
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How is the appreciation of
land in the outskirts justified? Is it not a dead capital?
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What
are the steps taken by the company to avoid legal disputes and revenue
problems?
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How can we have transactions if one happens
to be an NRI?
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Can a member transfer his/her membership
and his shares in the company?
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Can a member withdraw or Resign his/her
membership and his shares in the company.
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How Dividends/Redemption (Profits) is credited to share holder?
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When Dividends/Redemption (Profits) is to
be credited to share holder?
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Do non-resident Indian citizens require permission of Reserve Bank to
acquire residential/commercial properly in India?
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Do foreign citizens of Indian origin
require permission of Reserve Bank to purchase immovable property in
India for their residential use?
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In what manner the purchase consideration
for the residential immovable property should be paid by foreign
citizens of Indian origin under the general permission?
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Can foreign citizens of Indian origin
acquire commercial properties in India?
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Can NRI's purchase existing
shares/debentures of Indian companies by private arrangement?
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Is dividend/interest earned in respect of
investment made under the 100% Scheme freely remittable to the NRI’s
abroad?
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Can NRI’s make investments in companies
engaged in real estate development in India?
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What is the procedure for issue of bonus
shares?
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Can NRI’s obtain loans abroad against the
collateral of share/debentures of Indian companies?
1. What
are the preference of company while buying the lands and constructions?
Company first
prefers for the commercial and residential properties.
2. How
is the appreciation of land in the outskirts justified? Is it not a dead
capital?
The land cost
within the city and outskirts is always increasing and will be beyond the
reach of common man as years pass on. Good lands are identified in the
outskirts, which are likely to develop fast in the years to come and which
have good transport facilities and other amenities. The projects estimated
in the recent past for which the value increased by three to four times in
such a short span, which will ensure the profit to the investor.
3. What
are the steps taken by the company to avoid legal disputes and revenue
problems?
The company will
procure the land from the landlords only who are the actual owners, after
thorough scrutiny of all the land deeds and proper titles etc. Before
purchasing the land the company also ensures that the land for the
proposed layout is clear from technical and record problems and also
physical and environmental problems. There is a Legal and Estates
department of AMLAAK to look after all these processes before acquiring
the lands, so far after the inception/incorporation of the company there
are no disputes regarding the above, which in itself is a proof of the
company's standard.
4. How
can we have transactions if one happens to be an NRI?
Indian residents
can pay by local cheque and Person of Indian origin residing abroad may be
made by Indian Rupee draft purchased abroad or cheque drawn on NRE, FCNR,
deposited or send along share holder application form to AMLAAK Real
Estates Pvt. Ltd. by registered post, or submit to authorized area
managers as shown on our web site. Investors are advised not to make
cash payment to any authorized area managers except in the AMLAAK head
office.
5. Can
a member transfer his/her membership and his shares in the company?
No Member shall
ordinarily allowed to transfer membership of the company. However the
Board in special cases permit the transfer of the membership with in the
period specified and as such transfer will come into effect from the of
acceptance of the same by Board.
6. Can
a member withdraw or Resign his/her membership and his shares in the
company?
No Member shall
ordinarily allowed to withdraw or resign the membership of the Company
within 3 years of his/her admission as a Member. However the Board in
special cases permit the withdrawal and resignation of the membership with
in the period specified and as such withdrawal will come into effect from
the of acceptance of the same by Board.
7. How
Dividends/Redemption (Profits) is credited to share holder?
Applicant should
compulsory provide the name of the bank, branch address, account type and
account number is whose favor redemption or income distribution cheque is
to be drawn, along with the share holder application. In the absence
of such information, redemption request will not be processed.
8. When
Dividends/Redemption (Profits) is to be credited to share holder?
As we are in the
beginning of the real estate business, dividends/Redemptions (profits)
will not be credited to share holders before the end of one year from the
share holder acceptance. And after the end of one year company planned to
credit the profits quarterly.
9. Do
non-resident Indian citizens require permission of Reserve Bank to acquire
residential/commercial properly in India?
No.
10. Do
foreign citizens of Indian origin require permission of Reserve Bank to
purchase immovable property in India for their residential use?
Yes. However,
Reserve Bank has granted general permission to foreign citizens of Indian
origin, whether resident in India or abroad, to purchase immovable
property in India for their bona fide residential purpose. They are
therefore not required to obtain separate permission of Reserve Bank.
11. In
what manner the purchase consideration for the residential immovable
property should be paid by foreign citizens of Indian origin under the
general permission?
The purchase
consideration should be met either out of inward remittances in foreign
exchange through normal banking channels or out of funds from NTE/FCNR
accounts maintained with banks in India.
12. Can
foreign citizens of Indian origin acquire commercial properties in India?
Yes. Under the
general permission granted by Reserve Bank properties other than
agricultural land/farm house/plantation property can be acquired by
foreign citizens of Indian origin provided the purchase consideration is
met either out of inward remittances in foreign exchange through normal
banking channels or out of funds from the purchasers' NRE/FCNR accounts
maintained with banks in India and a declaration is submitted to the
Central Office of Reserve Bank in form IPI 7 within a period of 90 days
from the date of purchase of the property/final payment of purchase
consideration.
13. Can
NRI's purchase existing shares/debentures of Indian companies by private
arrangement?
Yes.
Reserve Bank permits NRI’s, on application in form FNC 7, to purchase
shares/debentures of existing Indian companies on non-repatriation basis.
An undertaking about non-repatriation is to be given in form NRU.
14. Is
dividend/interest earned in respect of investment made under the 100%
Scheme freely remittable to the NRI’s abroad?
Dividend/interest can be remitted freely except in the case of consumer
goods industries where the outflow on account of dividend is required to
be balanced by export earnings of the company either in the year of
declaration of dividend or in the years prior to the declaration of
dividend, This requirement is enforced for a period of seven years from
the commencement of commercial production.
15. Can
NRI’s make investments in companies engaged in real estate development in
India?
Yes. Investment
upto 100% in the new issue of equity shares/convertible debentures of
Indian companies engaged in the followed areas is allowed-
i) Development of serviced plots and construction of built up residential
premises;
ii) Real estate covering construction of residential and commercial
premises including business centres and offices;
iii) Development of township;
iv) City and region level urban infrastructure facilities including roads
and bridges;
v) Manufacture of building material;
vi) Financing of housing development.
16.
What is
the procedure for issue of bonus shares?
The concerned
Indian company should approach Reserve Bank for issue of bonus shares to
NRI’s if the original investment is on repatriation basis. Issue of bonus
shares in respect of investment on non-repatriation basis is covered by
general permission.
17. Can
NRI’s obtain loans abroad against the collateral of share/debentures of
Indian companies?
Yes. Authorized
dealer have been permitted to grant loans/overdrafts abroad to NRI’s
through their overseas branches and correspondents against collateral of
the shares/debentures of Indian companies held by them, provided the
concerned shares/debentures were acquired on repatriation basis.
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