Last updated: June 2026
Buying a flat in Thane as an NRI involves specific legal requirements, account structures, and tax obligations that differ in meaningful ways from a resident purchase. This NRI guide to buying a flat in Thane covers the complete 2026 process — FEMA eligibility, NRE/NRO account selection, Power of Attorney, stamp duty, and the Form 145/146 update that replaced Forms 15CA/15CB in April 2026. By the end, you will know exactly what the process requires, which documents to prepare from abroad, and what to verify before signing anything.
A buyer who contacted us earlier this year had spent six months researching Thane property from Dubai. His questions were not about the flat itself — they were about the process. Which account should he use? Could he complete the purchase without flying to India? And what had changed since his colleague bought in 2023, because his CA was mentioning something about new tax forms? He hadn’t found one source that addressed all three questions clearly. This guide is written for that buyer.
“This guide is for informational purposes only. Tax rules, FEMA thresholds, and legal requirements change. Consult a qualified Chartered Accountant or solicitor before executing any property transaction.”
Can NRIs buy property in Thane?
Yes. Under the Foreign Exchange Management Act (FEMA) 1999, Non-Resident Indians and Persons of Indian Origin can purchase residential and commercial property anywhere in India, including Thane, without requiring prior approval from the Reserve Bank of India. The one firm restriction: NRIs cannot purchase agricultural land, plantation property, or farmhouses. All other residential property — including apartments, villas, and plots within approved residential layouts — is fully permissible.
This is a question worth answering clearly because many NRI buyers are genuinely uncertain of their eligibility, particularly if they have held foreign nationality for many years or carry an OCI card. The rule is straightforward: Indian citizenship or PIO/OCI status entitles a buyer to purchase residential property in India. The documentation requirements vary slightly by status — covered under Step 1 of the process section below.
FEMA 1999 also governs how the purchase is funded, which account the money flows through, and how sale proceeds can be repatriated. These are the parts of the framework that matter most in practice for NRI buyers, and each is addressed in dedicated sections of this guide.
What has changed for NRI property buyers in 2026?
The most significant change for NRI property buyers in 2026 is the replacement of the Form 15CA/15CB tax clearance process. This affects anyone buying, selling, or repatriating funds from Indian property. If you are reading an older guide — even one published in late 2025 — this specific update may not be covered.
The Form 145/146 update — what replaced 15CA/15CB
Until March 31, 2026, NRIs selling property in India were required to obtain Forms 15CA and 15CB — a tax clearance process involving a Chartered Accountant that was widely considered cumbersome and opaque. From April 1, 2026, these have been replaced by Forms 145 and 146 under the Income Tax Rules 2026. Form 145 is filed by the remitter’s bank; Form 146 is the CA-certified declaration of taxability. The process has been streamlined, but the documentation requirements differ from what guides published before April 2026 will describe. If you are reading an NRI property guide that doesn’t mention this change, it is out of date.
What this means in practice for NRI buyers in Thane
If you are buying in 2026, the Form 145/146 process is relevant at the point of sale — not at purchase. However, understanding it now matters for two reasons: first, it shapes which records and documentation you keep during the purchase phase (your CA will need them when you eventually sell); second, any NRI currently in the process of selling or repatriating funds from a previous property purchase needs to work with a CA familiar with the new forms. The previous 15CA/15CB framework is no longer operative.
The streamlined process is a genuine improvement. But “streamlined” does not mean “simpler to navigate without a CA.” Engage a Chartered Accountant experienced in NRI property transactions — one who has updated their practice for the April 2026 rules.
Step-by-step: How an NRI buys a flat in Thane
This is the core of the NRI guide to buying a flat in Thane. Each step applies to a straightforward residential purchase from abroad, including situations where the buyer does not travel to India.
Step 1 — Confirm your NRI / PIO / OCI status
Your eligibility category determines which documents you will need at each stage. The three relevant categories under Indian law:
- NRI (Non-Resident Indian): An Indian citizen residing outside India for more than 182 days in a financial year. Holds an Indian passport.
- PIO (Person of Indian Origin): A foreign national who held Indian citizenship at some point, or whose parents or grandparents were Indian nationals. The PIO card has been merged into the OCI card since 2015.
- OCI (Overseas Citizen of India): A foreign national of Indian origin, granted OCI status by the Government of India. OCI card holders have the same property purchase rights as NRIs under FEMA.
A note on OCI documentation: OCI card holders should ensure their OCI card is linked to their current passport at the time of purchase. If you have renewed your passport since receiving your OCI card, visit the nearest Indian consulate to get the OCI card linked to your new passport number. This is an administrative step that delays transactions when missed.
Step 2 — Choose and verify the project (RERA check)
Before any negotiation, verify that the project is registered with MahaRERA — Maharashtra’s Real Estate Regulatory Authority. RERA registration is mandatory for all Maharashtra residential projects with more than eight units or on plots exceeding 500 square metres. A RERA-registered project means the developer is legally obligated to deliver on schedule, maintain an escrow account for construction funds, and report progress quarterly.
To verify: go to maharera.mahaonline.gov.in and enter the project’s RERA registration number. For a RERA-registered project like Trividh in Naupada, Thane (MahaRERA P51700077697), all documentation is filed with MahaRERA and verifiable — floor plans, approvals, project status, and developer history are all accessible. Do not purchase from any developer who cannot provide a RERA number or whose registration cannot be verified on the portal.
Step 3 — Set up the right bank account (NRE vs NRO)
This step has a dedicated section later in this guide because the question comes up frequently and is consistently handled poorly in most NRI property content. The short version: use an NRE account to bring funds in from abroad for the purchase. The longer explanation — including what to do with rental income and sale proceeds — is in the NRE vs NRO section below.
Open the account with an Indian bank that also offers NRI home loans if financing is a possibility — this simplifies the documentation trail considerably. Major banks with established NRI banking divisions include HDFC Bank, ICICI Bank, SBI, and Axis Bank. All four operate digital account-opening processes for NRI applicants that do not require a visit to India.
Step 4 — Arrange financing (NRI home loan or own funds)
NRIs can access home loans from Indian banks and housing finance companies. The maximum loan-to-value ratio for NRI borrowers is generally 75–80% of the property’s registered value, consistent with resident buyer limits. Loan repayments must be made in Indian rupees from the NRE or NRO account with the lending bank.
Key NRI home loan considerations: most lenders require employment documentation from the country of residence (salary slips, employment contract), the past two years of overseas bank statements, an Indian address for correspondence, and an Indian guarantor or co-applicant in some cases. Processing times for NRI home loan applications are typically longer than for resident applications — factor 4–6 weeks for approval if financing is part of the plan.
Interest payments made from an NRE account are not subject to Indian income tax. Consult your CA on the interaction between Indian home loan interest and the Double Tax Avoidance Agreement (DTAA) applicable to your country of residence.
Step 5 — Execute the agreement (in person or via POA)
Once a property is selected and due diligence is complete, the Agreement for Sale is executed. An NRI can sign this in person or through a Power of Attorney — detailed in the dedicated section below. If buying under construction (as with most new launch projects), the Agreement for Sale is followed by a Construction Agreement and a schedule of milestone-based payments.
All agreements must be on Maharashtra Government stamp paper of the appropriate value. The developer’s legal team typically handles this, but an independent review by your own solicitor is advisable — particularly for NRI buyers who are managing the transaction remotely.
Step 6 — Manage stamp duty and registration
Stamp duty in Maharashtra is the same for NRI buyers and resident buyers — there is no NRI surcharge. Current rates (2026): 5% for male buyers, 4% for female buyers, on the higher of the agreement value or the government’s Ready Reckoner rate for the locality. An additional 1% registration fee applies, subject to a cap of ₹30,000. The agreement must be registered at the Sub-Registrar of Assurances within four months of execution.
NRI buyers who are not in India at the time of registration typically execute a Power of Attorney authorising an attorney to attend the registration in India on their behalf. Both the original POA and the Agreement for Sale must be presented at registration.
Step 7 — Receive possession and update records
On possession, the developer issues a Possession Letter and Occupation Certificate. The Occupation Certificate confirms the building has been inspected and is fit for habitation — do not take possession without it. Update the electricity connection, water connection, and society membership records to your name. If the property is to be rented out from the outset, these records should reflect the owner’s name and the tenant’s details in the leave-and-licence agreement.
NRE account or NRO account — which one for property?
This is one of the most searched NRI banking questions, and the distinction matters practically. The wrong account choice creates repatriation problems that are difficult to unwind later.
NRE account (Non-Resident External): Holds funds in Indian rupees but the source is foreign currency, converted on deposit. Fully repatriable — the principal and interest can be transferred back to your overseas account without restriction. Interest earned is tax-free in India. Use this account to fund your property purchase: transfer funds from your overseas account, convert to rupees, and pay the developer from the NRE account.
NRO account (Non-Resident Ordinary): Holds Indian-source income — rental income, interest from Indian investments, freelance income from India. Repatriation from an NRO account is capped at USD 1 million per financial year, after payment of applicable taxes. The NRO account is where rental income from an Indian property should flow.
A practical example: A buyer based in London purchases a 3BHK in Naupada, Thane. She transfers £180,000 from her UK bank account into her NRE account at HDFC Bank India. The funds convert to rupees and she pays the developer from the NRE account. Over three years, the flat generates ₹45,000 per month in rental income — this flows into her NRO account. When she eventually sells, the sale proceeds (after tax) are repatriated from the NRO account, subject to the USD 1 million per year limit and the Form 146 CA certification process.
Keeping these two streams separate from the outset makes the eventual sale and repatriation process significantly cleaner.
Can an NRI buy property in India without visiting?
Yes — through a Power of Attorney. This is one of the most practical questions in this NRI guide to buying a flat in Thane, and it is handled poorly in most competing content. Here is the complete process.
A Power of Attorney is a legal document that authorises a named individual (the attorney) to act on behalf of the POA-giver in specified matters — in this case, property purchase transactions. An NRI buyer can execute a general or specific POA covering the Agreement for Sale, loan agreements, stamp duty payment, registration, and possession.
What a Power of Attorney for property looks like
The POA must:
- Specifically name the property and transaction it covers (a specific POA is preferable to a general POA for property transactions)
- Be executed on appropriate stamp paper or on plain paper to be stamped in India upon receipt
- Be signed in the presence of two witnesses
- Be notarised by a Notary Public in the country of execution
For countries that are signatories to the Hague Apostille Convention, the notarised POA must then be apostilled by the relevant government authority in the country of execution — in the UK, this is the Foreign, Commonwealth and Development Office (FCDO); in the UAE, the Ministry of Foreign Affairs and International Cooperation (MOFAIC, which joined the Hague Convention in 2023); in the USA, the Secretary of State’s office for the relevant state.
For countries that are not Hague Convention signatories, the notarised POA must be attested at the Indian High Commission or consulate in the country of residence.
Once the apostilled or attested POA arrives in India, it must be adjudicated (stamped) at the relevant stamp office in Maharashtra before use.
Who can act as your attorney in India
The attorney can be a family member, a trusted friend, or a solicitor with a law degree. For NRI property transactions, many buyers use a family member based in India as the attorney — this is entirely legal and common. If no trusted individual is available, a property solicitor in Thane can serve as attorney for the specific transaction.
Choose the attorney carefully. The POA grants them specific legal authority over your transaction. Keep copies of the executed and apostilled POA, and ensure the attorney is fully briefed on each step of the process and what they are authorised to do.
Stamp duty and registration for NRI buyers in Maharashtra
NRIs pay the same stamp duty as resident buyers in Maharashtra — there is no NRI-specific surcharge or additional levy. The 2026 rates: 5% of the property value for male buyers, 4% for female buyers, calculated on the higher of the agreement value or the Ready Reckoner rate for the specific locality. A 1% registration fee applies on top of stamp duty, capped at ₹30,000.
This is a common misconception among NRI buyers who assume they will pay more. They do not — the rate is identical.
For a RERA-registered project like Trividh (P51700077697), the registration process is straightforward — all documentation is filed with MahaRERA and verifiable. The developer’s team handles most of the stamp duty and registration logistics for buyers who are not present in India, coordinating with the buyer’s POA holder.
A practical note on the Ready Reckoner rate: the state government sets the Ready Reckoner rate annually as a minimum valuation floor for stamp duty purposes. If the agreement value is below the Ready Reckoner rate for the locality, stamp duty is calculated on the higher Ready Reckoner value. In established micro-markets like Naupada, Thane, the Ready Reckoner rate is typically close to prevailing market prices.
Tax obligations for NRI property buyers in India
This section covers the essentials — not a substitute for CA advice, but enough to know what applies and when.
TDS at purchase: When an NRI sells property to any buyer (resident or NRI), the buyer is required to deduct TDS at 1% of the purchase price for properties above ₹50 lakh. This applies regardless of whether the seller is an NRI or resident. The buyer files Form 26QB and deposits the TDS with the Income Tax Department. The seller can apply for a lower or nil TDS certificate from the Income Tax Department if applicable.
Capital gains on eventual sale: When an NRI sells the property, capital gains tax applies. Long-term capital gains (LTCG) — for properties held more than 24 months — are taxed at 20% with indexation benefit (as of the current Finance Act; check with a CA for any amendments). Short-term capital gains are taxed at the applicable income tax slab rate.
Rental income: Rental income from an Indian property is taxable in India for NRI owners. A standard deduction of 30% of rental income is available for repairs and maintenance. The net rental income is added to any other Indian-source income and taxed accordingly. Under most DTAAs (including India-UAE and India-UK), rental income may also need to be declared in the country of residence — your CA in both jurisdictions should advise on the interaction.
The Form 145/146 process at sale: As covered above, when the time comes to repatriate sale proceeds, Forms 145 and 146 apply — Form 145 is filed by the remitter’s bank; Form 146 is the CA-certified declaration. This replaces the earlier 15CA/15CB process entirely for transactions on or after April 1, 2026.
Repatriation — getting your money back when you sell
Repatriation is the exit mechanism — and it is one of the most important sections of any NRI guide to buying a flat in Thane. Most guides give it a paragraph. Here is what you need to know in full.
An NRI can repatriate the proceeds of up to two residential property sales in a lifetime from India. The repatriation limit is USD 1 million per financial year from an NRO account, after payment of all applicable taxes.
The practical process:
- Sell the property and receive the sale proceeds into your NRO account (after TDS deduction by the buyer).
- Pay capital gains tax on the net gain (your CA files the return and computes the liability).
- Obtain CA certification under the new Form 146 process confirming the tax liability has been computed and paid.
- Your bank files Form 145 and remits the funds internationally, subject to the USD 1 million annual cap.
If the sale proceeds exceed USD 1 million, the balance can be repatriated in the following financial year — the cap resets annually. Plan accordingly if you are selling a high-value property.
What about funds in the NRE account? If the property was purchased entirely from funds in an NRE account (with no home loan, and no NRO funds mixed in), the sale proceeds can in some cases be repatriated directly from the NRE account — with the full repatriation benefit and without the USD 1 million cap. This is a specific planning consideration that your CA should advise on early, not after the sale is complete.
Repatriation rules are the area of NRI property law most likely to be affected by RBI and FEMA notifications. Confirm the current position with a CA before executing any sale.
Why Thane — and why Naupada specifically?
By this point in the guide, the legal and financial mechanics are covered. What follows is a genuine answer to the question most NRI buyers eventually ask: why Thane, rather than Gurgaon, Pune, or Bangalore?
The case for Thane over the alternatives
Gurgaon offers strong infrastructure but operates at premium prices for comparable quality, and its distance from the Mumbai metropolitan core limits its appeal to buyers with Mumbai professional ties. Pune offers reasonable pricing but is a separate city economy; NRIs with Mumbai-centric family or professional connections rarely find Pune the right choice unless they have specific local ties. Bangalore’s trajectory is strong but pricing has compressed significantly in the last three years, and the city’s commute infrastructure remains a known challenge.
Thane sits at the eastern edge of Mumbai’s primary suburban rail network — not a satellite city, but an integrated part of the MMR commuting ecosystem. For an NRI with family in Mumbai’s central or western suburbs, Thane means proximity without Mumbai’s per-square-foot price premium.
The case for Naupada within Thane
Naupada is central Thane — walking distance to Thane Station, which is one of India’s top-ten busiest suburban rail stations by daily footfall. This is not a peripheral development; it is within the established residential and commercial core of the city.
Two infrastructure projects are materially relevant to Naupada’s connectivity outlook:
Metro Line 4 (Wadala–Kasarvadavali): Naupada station sits on this line, reducing travel time to Bandra-Kurla Complex to approximately 45 minutes — a journey that currently takes considerably longer by road. For NRI buyers with tenants who work in BKC, this is a concrete rental demand argument.
Thane-Borivali Twin Tunnel: Under MMRDA, this project will reduce Thane-to-Borivali travel time from approximately 75 minutes to under 25 minutes, opening HOC’s location to tenants and buyers from the western suburbs in a way the current road network does not permit.
Naupada is also a heritage micro-market — Thane’s older, established residential quarter with tree-lined streets and lower construction density than the newer peripheral areas like Ghodbunder Road or Kolshet. For an NRI buyer making a purchase that is as much about legacy as it is about yield, that character is genuinely relevant.
Trividh — HOC’s project in Naupada, Thane
Trividh in Naupada, Thane is a 2–5BHK residential project priced at ₹23,000/sqft all-in, with December 2028 possession and MahaRERA registration P51700077697. It is pursuing IGBC Platinum certification — the highest rating under India’s green building framework — making it one of a small number of residential projects in Maharashtra pursuing this standard. Learn more about Trividh’s IGBC Platinum certification.
For an NRI buyer doing due diligence: the RERA number is verifiable on the MahaRERA portal, the possession timeline is 2028, and the project’s sustainability specification distinguishes it from the prevailing Thane market, where green credentials are an afterthought rather than a design premise.
Frequently asked questions — NRI property purchase in India
Can OCI card holders buy property in India?
Yes. Overseas Citizens of India (OCI card holders) have the same rights as NRIs to purchase residential and commercial property in India under FEMA 1999. The same restrictions apply: agricultural land, plantation property, and farmhouses cannot be purchased. OCI card holders must ensure their OCI card is linked to their current passport before executing any property transaction in India.
Do NRIs need RBI permission to buy property in India?
No — for residential and commercial property, NRI and OCI buyers do not require prior permission from the Reserve Bank of India. The purchase is permitted under the automatic route under FEMA 1999. RBI approval is required only for certain non-resident categories that are not NRIs or PIOs (for example, foreign nationals of non-Indian origin), and for agricultural land purchases, which are not permissible regardless.
Can NRIs get a home loan in India?
Yes. NRIs are eligible for home loans from Indian banks and housing finance companies. Most major lenders — HDFC Bank, ICICI Bank, SBI, Axis Bank — have dedicated NRI home loan products. The key difference from resident loans: repayments must be made from the borrower’s NRE or NRO account in India, not directly from an overseas account. Loan-to-value ratios are generally 75–80%, consistent with resident buyer limits, and documentation includes overseas income proof and employment verification.
How many properties can an NRI own in India?
There is no limit under FEMA 1999 on the number of residential properties an NRI or OCI card holder can own in India. There is also no cap on ownership of commercial property. The repatriation restrictions — USD 1 million per financial year, and the two-property lifetime limit for repatriation of sale proceeds — apply at the point of sale, not ownership.
What is the process to verify a project’s RERA registration?
Go to maharera.mahaonline.gov.in, navigate to “Registered Projects,” and enter the project name or registration number. For Trividh in Naupada, Thane, the RERA registration number is P51700077697. The MahaRERA portal shows the project’s approved plans, the developer’s history, quarterly progress updates, and the escrow account status — all publicly accessible. This is the mandatory first step in any NRI property due diligence for a Maharashtra project.
Can an NRI rent out a property purchased in India?
Yes. NRI property owners can rent out their Indian property and receive rental income in an NRO account. A leave-and-licence agreement (the standard rental structure in Maharashtra) must be registered with the local Sub-Registrar’s office if the term exceeds 11 months. The rental income is taxable in India; after a 30% standard deduction for repairs, the net income is taxed at the applicable rate. Depending on the DTAA between India and the NRI’s country of residence, the rental income may also need to be declared overseas — consult a CA in both jurisdictions.
A note on keeping this guide current
This guide reflects rules and rates as of June 2026. The Form 145/146 update, stamp duty rates, FEMA repatriation limits, and capital gains tax provisions are all subject to change through Finance Acts and RBI notifications. Before executing any transaction, confirm current rules with a qualified Chartered Accountant familiar with NRI property transactions. We will update this guide when material changes occur.
Ready to go further?
Buying property in Thane as an NRI is a well-defined process once the documentation structure and account mechanics are clear. The 2026 Form 145/146 change simplifies the tax clearance process at sale — but it means any CA advice you received before April 2026 on this specific point needs to be revisited.
If you have questions about the buying process — account setup, POA arrangements, or the 2026 tax changes — HOC’s project team is available on WhatsApp, including for buyers based outside India. Message us on WhatsApp →