Buying Property in Nashik as an NRI: The Rules and the Real Costs

What an NRI can buy

An NRI may buy residential or commercial property in India but not agricultural land, a plantation or a farm house without specific RBI approval, according to RBI's FAQ on the FEMA Non-debt Instruments Rules, 2019. Around Nashik that rule matters more than usual. Much of the land sold as plots on the city's edge and in the vineyard belt is still recorded as agricultural on the 7/12 extract.

Read the 7/12 for the survey number before anything else. If the land use is agricultural, the purchase is closed to you unless the land has been converted, whatever the seller says about its future.

The government charges on a Rs 60 lakh flat

NRIs pay the same stamp duty as residents. Inside Nashik Municipal Corporation limits that is 5% under the Stamp Act, plus a 1% municipal surcharge as reported from the corporation's receipts, and possibly a 1% metro surcharge that has not been confirmed for Nashik. Registration is about 1%, capped at Rs 30,000.

On a Rs 60 lakh flat, stamp duty and registration come to Rs 3.9 lakh at 6% or Rs 4.5 lakh at 7%. Budget 7% and confirm the rate with the sub-registrar. If the only buyers are women, take 1% off the duty.

TDS depends on who is selling

Buying from a resident seller at Rs 50 lakh or more, you deduct 1% TDS from the price and deposit it, which on this flat is Rs 60,000. Since 1 April 2026 the rule sits in section 393(1) of the Income-tax Act 2025, as summaries of the department's table report.

Buying from another NRI is different. You deduct tax under the non-resident rules, at a materially higher rate, and you carry the liability if you deduct short. Get a chartered accountant to compute it before the agreement is signed, and do not rely on the seller's figure.

Treat quoted yields as sales lines

No reliable published rental-yield or appreciation figures exist for Nashik localities. Numbers in brochures and forwards are estimates at best. Before buying for rent, ask the seller or agent for signed leases from the building, and pull registered sale deeds for comparable flats from the sub-registrar's index. Annual rent divided by what you would pay is the only yield that means anything.

Add the costs that cut into it: society maintenance, property tax, months empty between tenants, and the currency movement between your earnings and the rupee.

Under-construction projects

Search the project on maharera.maharashtra.gov.in, the only official site. The promoter cannot take more than 10% of the cost before a registered agreement for sale, and must put 70% of buyers' money into a separate account used only for the project's construction and land.

Stamp duty is paid when the agreement is registered, not at possession. If the promoter misses the possession date in the agreement, section 18 of the RERA Act lets you withdraw with a refund and interest, or stay and receive interest for every month of delay.

Managing it from abroad

You will need a power of attorney for registration if you cannot be present, and the sub-registrar will want it registered or properly executed. Use one person you trust, limit the power to this transaction, and revoke it in writing afterwards.

JebuK Properties, MahaRERA agent registration A031222602911, checks RERA status and shortlists properties with buyers at no charge, which suits buyers who cannot visit often.