NRI Cluster
NRI's looking to make an investment, seek to identify opportunities where their investment will be safe and offers high appreciation. Bearing this in mind we are offering plots at Lotus Avenue with clear legal titles, approval from Chennai Metropolitan Development Authority (CMDA Approval No: PPD/LO: 4/2013), other Government departments and local authorities. Being a Gated Community, the entire project is secured by a compound wall on all sides, ensuring that your investment remains secure and free from encroachments.
Customers also want their investment to appreciate faster. Since the year 2000, we have developed more than nine lakhs Sq. ft of land. Our previous projects stand testimony to the high appreciation our projects have seen, as a result delivering high returns to our customers. To view Property Appreciation chart click here (Hyperlink to Property Appreciation page).
For the benefit of NRI's we have formed an NRI cluster within the project. This cluster offers premium plots exclusively for NRI's. To view the NRI cluster and know about plot dimensions, please check the Layout location page.
Purchasing a plot at Lotus Avenue comes with an assurance that your investment will be safe and appreciate over the years.

Who is a non-resident Indian (NRI)?

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. (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).

Who is a PIO?

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: a) Held an Indian Passport at any time, or b) Who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955

Who can purchase immovable property in India?

Under the general permission available, the following categories can freely purchase immovable property in India: a) Non-Resident Indian (NRI) - that is a citizen of India resident outside India b) Person of Indian Origin (PIO) - that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who - at any time, held Indian passport, or - who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The general permission, however, covers only purchase of residential and commercial property.

Can NRI's acquire commercial properties in India?

Yes, under the general permission granted by the Reserve Bank of India, 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.

Can NRI's sell the properties they hold in India without reserve Bank's Permission?

Yes.

Can NRI's Acquire or Dispose residential property by way of gift?

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.