A resplendent residential project that complements rajamahendravaram, the birthplace of the telugu language. As this vibrant city is immersed deeply into tradition, arts and culture, at Canaan constructions, the focus of our team is to craft a luxury environment that enhances the living standard of the chosen few who desire a one in a million lifestyle.
As defined by the Foreign Exchange Management Act of 1999 (FEMA), a Non-Resident Indian (NRI) is a citizen of India who resides abroad for employment, business, or any vocation, or stays abroad under circumstances indicating an intention for an uncertain duration. Non-resident foreign citizens of Indian origin are also treated at par with NRIs.
Yes, foreign nationals of Indian origin, whether resident in India or abroad, are granted general permission to purchase immovable property in India.
The purchase consideration must be paid either through inward remittances in foreign exchange via normal banking channels or through funds from NRE/FCNR accounts maintained with banks in India.
NRIs/PIOs can avail housing loans in Rupees from an Authorized Dealer or a Housing Finance Institution, subject to terms and conditions laid down in Regulation 8 of Notification FEMA 4/2000-RB. Loans may also be availed for repairs or renovation of residential property owned in India. Repayment can be made through: (a) inward remittance via normal banking channels, (b) debit to NRE/FCNR(B)/NRO accounts, (c) rental income from the property, or (d) repayment by close relatives as defined in Section 6 of the Companies Act, 1956.
Yes. NRIs residing abroad can complete the purchase process through relatives or by executing a Power of Attorney, since they cannot be physically present. The Power of Attorney must be executed on appropriate stamp paper before the proper authorities abroad. It cannot be drafted on stamp paper purchased in India.
Yes. They must file a declaration in Form IPI 7 with the Central Office of the Reserve Bank in Mumbai within 90 days of purchase or final payment, along with a certified copy of the purchase document and a bank certificate proving payment.
Yes. NRIs/PIOs may rent out their property without requiring approval from the Reserve Bank. Rent received may be credited to NRO/NRE accounts or remitted abroad, subject to certification by a Chartered Accountant regarding tax compliance.
No permission is required for NRIs to acquire immovable property in India, except agricultural land, plantation property, or farmhouses.
No permission is required for NRIs to transfer immovable property in India to a resident Indian.
No permission is required for such transfers, except for agricultural land, plantation property, or farmhouses.
NRIs/PIOs may repatriate sale proceeds if the property was purchased using foreign exchange through normal banking channels or from NRE/FCNR(B) accounts. Repatriation is restricted to the amount paid for the property, and only for up to two residential properties. If the property was acquired from Rupee sources, up to USD 1 million per financial year may be repatriated from NRO account balances, subject to tax compliance.
Praesent non ullamcorper ligula. Proin a mi vitae massa lacinia sollicitudin eget eu ante. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Pellentesque consectetur rhoncus lobortis. Curabitur sit amet velit sagittis, pellentesque diam euismod, faucibus quam.
The Reserve Bank permits refund of purchase consideration (including interest, if any, net of taxes) to be credited to the NRE/FCNR account of NRIs/PIOs for cancelled bookings, provided the original payment was made from NRE/FCNR accounts or through foreign remittances, and the Authorized Dealer is satisfied about the genuineness of the transaction.
At Canaan, every individual strives to achieve personal excellence to create a paradigm shift in consumer expectations from real estate developers and wants to contribute their smallest bit in redefining real state in Rajamahendravaram. The company believes that product and design innovation is a seamless process that creates a roadmap for excellence.