SOUTH AND CENTRAL MUMBAI PROJECTS
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Whether it’s giving India some of its most iconic addresses, or crafting one of the world’s most coveted residences in London; adding a glittering icon to Mumbai’s skyline or creating designer residences for Mumbai’s glitterati; delivering meticulously designed offices for distinguished clientele or conceiving India’s No.1 smart city with the highest liveability quotient^ - one name is transforming the way we live with landmarks at par with the world’s best: Lodha.
Our passion is to create landmarks that are benchmarked against the highest global standards, epitomise the values of our family, and are built on a legacy of trust spanning 4 decades. Today, Lodha is India’s No. 1 real estate developer.* the company has clocked sales of over INR 50,000 crore in last 7 years*. We have delivered an area of 8.5 crore sq. ft.** and have 40 ongoing projects and 24 planned projects.^^ Our team of 3,000 associates works relentlessly to create developments of exceptional quality, and is committed to delivering the world’s finest homes, offices, and retail spaces.
Our vision of ‘Building a Better Life’ extends across geographies, markets, price points, and consumer segments.
By forging the finest global partnerships, deploying the best people and processes, being nimble in delivering our customers’ needs, and benchmarking against the highest global standards, Lodha has been able to create some of the world’s finest developments – with self-contained eco-systems, great outdoor spaces, and robust infrastructure, offering every facility and convenience at one’s doorstep.
More importantly, we have the scale, capability, and resolve to create a lasting and positive impact on our planet, and our society. We are committed to being a net zero carbon emission company by 2035. Through the Lodha Foundation, we actively contribute to our communities and nation- building. With our commitment to act in the larger interest of the environment and society, we are ‘building a better life’ in more ways than one.
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The Indian Real Estate sector has been a hot favourite of NRI investors. This is proven by the fact that India saw $13.1 bn investment from NRIs last year and is expected to grow by 12% this year. This growth can be attributed to the escalating demands for residential properties due to rapid urbanization and inflating disposable incomes of individuals. The Indian Economy is also showing resilience in the post- pandemic period showing ~4% YoY growth in home prices during Q1 2022.
Additionally, the Indian currency has consistently depreciated against the US dollar in 2022 so far. This, coupled with the capital value appreciation of real estate, rental yield and digitisation of the process adds up to the purchase of property by NRIs in India being a win-win situation for all NRI investors.
For NRIs wanting to invest in real estate in India, the process is not as tedious as before. Apart from Person of Indian Origin (PIO), even those holding Overseas Citizenship of India (OCI) can buy a residential or commercial property in India. The leading financial institutions in the country provide home loan facility to the NRIs to fund their real estate purchase. The documents required for home loan include age proof, residence proof, educational qualification, income proof, employment proof, passport/OCI, bank statements, among other things. A NRI also needs to have a Power of Attorney (POA) determined, essentially authorise a representative in lieu of the NRI for the home loan processing.
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
The following is the list (non-exhaustive) of documents required for NRIs to buy property in India:
Getting a power of attorney for NRI to buy property in India
Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the Home Finance Company would need a 'representative' 'in lieu of' the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI's parents/wife/children/ close relatives or friends. Another vital document required while processing an NRI home loan is the power of attorney (POA)
The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the works contract, etc. and of course, NRIs have to follow certain eligibility criteria in order to get Home Loans in India.
The documents needed for obtaining NRI home loans are Bank specific. General list of documents are as mentioned below:
List of Classified documents for Salaried and Self Employed NRI Applicants. Banks may have specific requirements apart from the below- listed documents.:
Self-Employed NRI Applicants:
An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident Indian - NRI. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non- resident Indian citizens (NRIs).
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:
The Overseas Citizenship of India (OCI) is an immigration status permitting a foreign citizen of Indian origin to live and work & in the Republic of India indefinitely.
Yes. NRIs can buy and sell residential and commercial properties in India.
There is no restriction on the number of residential or commercial properties an NRI can own in India. However, for NRIs buying property in India, the law restricts NRIs from purchasing any kind of agricultural land/ plantation property/ farm house in India.
Yes, under the general permission granted by the Reserve Bank, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's 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.
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 permission of Reserve Bank.
An NRI/PIO cannot usually buy agricultural land/plantation property/farm houses in India. Proposals to buy such a land have to be specifically approved by RBI, in consultation with Government of India. The only way they can acquire an agricultural land is by inheritance.
Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.
The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money, and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO accounts.
The mere acquisition of property does not attract income tax. However, any income accruing from the ownership of it, in the form of rent (if it is let out)/annual value of the house (if is not let out and it is not the only residential property owned by that person in India) and/or capital gains (short term or long term) arising on the sale of this house or part thereof is taxable in the hands of the owner.
Yes. Long-term and short-term capital gains are taxable in the hands of non-residents.
In case of sale of an immovable property, the Double Tax Avoidance Agreement (DTAA) with most countries state that capital gains will be taxed in the country where the immovable property is situated. Hence, if an NRI owns immovable property in India, then he/she will be subject to pay tax in India on the capital gains which arise on the sale of the property. Similarly, letting of immovable property in India would be taxed in India under most tax treaties.
LODHA
INDIA’s No.1 Real Estate Developer*
Corporate Office: Lodha Excelus, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400 011 | All Lodha projects are registered via the MahaRERA Registration and is available on the website https://maharera.mahaonline.gov.in under registered projects.
*By residential sales FY16-22.
**85 million or ~8.5 crore square feet completed till March 2022.
^Based on livability quotient ranking by JLL in its ‘Livability Quotient – A Paradigm Shift in India’s Emerging Cities’ Report
^^As of 31st March, 2022
Lodha Venezia:
These projects are registered via MahaRERA Registration No.: P51900000828, P51900005378 available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Primo:
These projects are registered via MahaRERA Registration No.: P51900014910 available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Maison:
These projects are registered via MahaRERA Registration No.: P51900016526 available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Ciel:
These projects are registered via MahaRERA Registration No.: P51900008345 available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Seamont:
These projects are registered via MahaRERA Registration No.: P51900010326 available on the website: https://maharera.mahaonline.gov.in under registered projects
Amara:
These projects are registered via MahaRERA Registration No.: P51700014760 | P51700018393 | P51700020164; available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Serenity:
MahaRERA Registration No.: P51700020253, available on the website: https://maharera.mahaonline.gov.in under registered projects
New Cuffe Parade:
These projects are registered via MahaRERA registration number: P51900000629 and is available on the website:https://maharera.mahaonline.gov.in
Lodha Park:
These projects are registered via MahaRERA Registration No.: P51900001339; available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Woods:
These projects are registered via MahaRERA Registration No.: P51800031346 | P51800031351 | P51800031532; available on the website: https://maharera.mahaonline.gov.in under registered projects
Crown Taloja:
These projects are registered via MahaRERA Registration No.: P51700020381 | P51700022825; available on the website: https://maharera.mahaonline.gov.in under registered projects
Upper Thane:
These projects are registered via MahaRERA Registration No.: P51700008449 | P51700007192 | P51700006147 | P51700014814 | P51700014770 | P51700016245 | P51700016243 | P51700016437 | P51700016666 | P51700018035 | P51700018107 | P51700019121 | P51700020104 | P51700020217 available on the website: https://maharera.mahaonline.gov.in under registered projects
The World Towers:
These projects are registered via MahaRERA Registration No.: P51900008345, P51900008962; available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Bel Air:
These projects are registered via MahaRERA Registration No.: P51800014860; P51800014869; P51800014891 available on the website: https://maharera.mahaonline.gov.in under registered projects
Codename Limited Edition:
These projects are registered via MahaRERA Registration No.: P51800031360; available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Vista:
These projects are registered via MahaRERA Registration No.: P51900022245; available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Eternis:
These projects are registered via MahaRERA Registration No.: P51800000293 | P51800000345 | P51800000294 | P51800020147 | P51800026509 available on the website: https://maharera.mahaonline.gov.in under registered projects
Codename Only The Best - Pune:
These projects are registered via MahaRERA Registration No.: P52100024215; available on the website: https://maharera.mahaonline.gov.in under registered projects
Crown Thane:
These projects are registered via MahaRERA Registration No.: P51700024777; available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Evoq:
These projects are registered via MahaRERA Registration No.: P51900000567; available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Belmondo:
T&C: offer applicable on select units only
These projects are registered via MahaRERA Registration No.: P52100000221 | P52100019434 available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Sterling:
These projects are registered via MahaRERA Registration No.: P51700015040; available on the website: https://maharera.mahaonline.gov.in under registered projects
Codename One & Only:
These projects are registered via MahaRERA Registration No.: P51700026503; available on the website: https://maharera.mahaonline.gov.in under registered projects
Trump Tower:
These projects are registered via MahaRERA Registration No.: P51900001339; available on the website: https://maharera.mahaonline.gov.in under registered projects
Crown Ghodbunder Road:
These projects are registered via MahaRERA Registration No.: P51700029329 available on the website: https://maharera.mahaonline.gov.in under registered projects
Lodha Splendora:
These projects are registered via MahaRERA Registration No.: P51700000258, P51700000659, P51700000199, P51700016375 available on the website: https://maharera.mahaonline.gov.in under registered projects