Prestige Falcon City Reserve for NRIs: Buying Guide
Prestige Falcon City Reserve for NRIs: Buying Guide helps Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) easily buy a home in this 41-acre project on Kanakapura Main Road, South Bangalore. Under Reserve Bank of India (RBI) and FEMA rules, NRIs can buy flats in Prestige Falcon City Reserve without needing special permission from the RBI. You simply need to pay in Indian Rupees (INR) through an NRE, NRO, or FCNR bank account. Pre-launch prices start at ₹1.40 Crore (₹10,500 to ₹14,000 per sq. ft.), while ready flats in Phase 1 of the same project already sell for ₹18,000 to ₹20,000 per sq. ft. This means early NRI buyers get great value, high price growth, direct access to Forum South Bengaluru Mall, and a short walk to the Konanakunte Cross Metro Station.
Project Snapshot & Pricing for Overseas Investors
Before looking at the legal steps and bank rules, overseas buyers should check the flat sizes, base rates, and booking amounts. Prestige Falcon City Reserve has 7 tall towers (G+30 floors) with 2,520 luxury flats and 75% open green space.
| Configuration | Super Built-up Area (Sq. Ft.) | Base Price Per Sq. Ft. | Starting Base Price | EOI (Booking Amount) |
|---|---|---|---|---|
| 2 BHK | 1,240 – 1,379 sq. ft. | ₹10,500 – ₹11,500 | ₹1.40 Crore* Onwards | ₹12 Lakh – ₹15 Lakh |
| 3 BHK (2T / 3T) | 1,830 – 1,910 sq. ft. | ₹10,900 – ₹12,500 | ₹2.00 Crore* Onwards | ₹15 Lakh – ₹20 Lakh |
| 3 BHK + Home Office | 1,920 – 1,970 sq. ft. | ₹11,500 – ₹13,000 | ₹2.25 Crore* Onwards | ₹25 Lakh |
| 4 BHK + Home Office | 2,450 – 2,726 sq. ft. | ₹12,200 – ₹14,000 | ₹3.00 Crore* Onwards | ₹30 Lakh |
Cost Sheet Note: The starting prices above show only the base cost of the flat. NRIs should keep an extra 11% to 13% over the base price for 5% GST (for under-construction homes), 5% Stamp Duty, 1% Registration fee in Karnataka, floor-rise charges, and clubhouse fees (around ₹300 to ₹500 per sq. ft.).
Why NRIs Are Investing in Prestige Falcon City Reserve
For NRIs living in the US, UK, UAE, Singapore, or Australia, managing a single property in India from far away can be hard. Buying a home inside a large township built by a trusted developer solves the biggest problems of owning property from abroad:
- Instant Price Advantage (High ROI): Ready-to-move flats in Phase 1 of Prestige Falcon City currently sell for ₹18,000 to ₹20,000 per sq. ft. in the resale market (about ₹2.40 Crore for a 2 BHK and up to ₹6 Crore for a 4 BHK). Buying in the Reserve phase at ₹10,500 to ₹14,000 per sq. ft. gives NRI buyers a clear price saving of over ₹6,000 per sq. ft. inside the exact same gated community.
- High Rental Demand: The project sits right next to the Forum South Bengaluru Mall and is just opposite the Konanakunte Cross Metro Station (Green Line). Tenants happily pay 15% to 20% higher rent for homes where shopping, movie theaters, restaurants, and the metro are right outside the gate.
- Easy Property Care & Safety: Prestige Group has its own team to handle 24/7 security, garden care, and 4 KW to 8 KW power backups. Overseas owners do not have to worry about land safety, poor maintenance, or daily tenant issues.
- Easy Step-by-Step Payment Plan: You do not have to pay 100% of the money on day one. The builder uses a simple 10:10:80 payment plan. You pay 10% at booking, 10% when signing the agreement, and the remaining 80% in small steps as the building gets built until possession in December 2031.
FEMA & RBI Rules Every NRI Buyer Must Know
Buying property in Bangalore as an NRI is very simple if you follow these basic FEMA rules:
- Who Can Buy: Non-Resident Indians (NRIs) with an Indian passport and Overseas Citizens of India (OCIs) with an OCI card can buy as many residential homes in India as they want. (They are only stopped from buying farmland, plantation land, or farmhouses).
- How to Pay: All payments to Prestige Group's RERA bank account must be made in Indian Rupees (INR) through Indian banks. You must send money through an NRE (Non-Resident External), NRO (Non-Resident Ordinary), or FCNR (Foreign Currency Non-Resident) account. You cannot send direct foreign wire transfers to the builder's account, and you cannot pay with foreign credit cards or traveler's checks.
- 1% TDS Tax Rule: Because Prestige Group is an Indian company, NRIs do not have to cut the heavy 20% non-resident TDS tax. Just like local buyers in India, you only need to cut 1% TDS (under Section 194-IA) on every payment you make (since the flat costs more than ₹50 Lakh) and submit it online using Form 26QB.
- Sending Sale Money Back Abroad: If you buy the flat using your NRE or FCNR account, you can easily send both your original money and profits back to your foreign bank account for up to two homes. If you buy using an NRO account, you can send up to USD 1 Million per year back abroad after submitting Form 15CA and Form 15CB (signed by a Chartered Accountant).
Step-by-Step Remote Buying Process for NRIs
You do not need to fly to Bangalore to book your flat. Just follow these six simple steps from your country:
- Online Tour & Picking a Flat: Ask the sales team for a live video tour of the 41-acre site, model flat, and tower views. Pick your flat size (2, 3, or 4 BHK), floor level, and view (Park-facing or East/North-facing flats are very popular for resale).
- Submit Booking Form (EOI): Fill out the online Expression of Interest (EOI) form and pay the refundable booking amount (₹12 Lakh to ₹30 Lakh based on flat size) from your NRE or NRO account.
- Share ID Documents (KYC): Email clear copies of your Indian Passport (or OCI Card), PAN Card, foreign address proof (driving license, utility bill, or foreign bank statement), and passport-size photos.
- Give Power of Attorney (PoA): If you cannot travel to Bangalore to sign the Sale Agreement, Home Loan papers, or final registration, you can give a Special Power of Attorney (SPoA) to a trusted family member or friend in India.
- How to make a PoA from abroad: Print the PoA draft on plain paper and sign it in front of an officer at the Indian Embassy or Consulate in your country (or get it Apostilled). Courier the signed paper to India, and have your family member get it stamped at the District Registrar's office in Bangalore within 90 days.
- Allotment & Sale Agreement: Once the unit is allotted to you, pay the balance to complete the first 20% (10% booking + 10% agreement stage) and sign the Builder-Buyer Agreement.
- NRI Home Loan Approval (Optional): Top Indian banks like SBI, HDFC, ICICI, and Axis Bank give easy NRI home loans for Prestige projects covering up to 75% to 80% of the flat's cost. Simply share your job contract, last 6 months' salary slips, foreign credit report, and NRE/NRO bank statements with the bank.
Mandatory Document Checklist for NRI Buyers
Keep digital copies of these documents ready so your booking and bank loan go smoothly without delays:
- ID Proof: Valid Indian Passport (for NRIs) or Foreign Passport + OCI Card (for OCIs).
- Tax Card: Indian PAN Card (Needed for property registration and paying the 1% TDS tax).
- Visa / Overseas Status Proof: Valid Work Permit, Employment Visa, Green Card, or Permanent Residency card.
- Foreign Address Proof: Overseas electricity/water bill, foreign bank statement, or driving license showing your current foreign address.
- Indian Bank Details: Active NRE/NRO bank account checkbook and the last 6 months' bank statements.
- Extra Papers for Home Loan: Last 3 to 6 months' foreign salary slips, overseas tax returns, job offer letter/work contract, and a stamped Special Power of Attorney (if a family member in India is signing for you).
