Hi,
I'm an NRI living in Dubai for over 7 years. In 2015, I invested in real estate agreement with a builder (reliable distant relative) to buy an under construction flat in Bangalore. I transferred the full amount of the deal in installments as the construction progressed. Now, I want to withdraw the investment as I have some commitments in Dubai and the builder agreed to refund the amount. I requested the builder to refund the money to my account in Dubai for which he agreed and prepared Form A2, 15CA part D to his bank, but the bank declined the transfer stating that this was just an agreement and property is not registered in my name. Now the builder is saying that he can only transfer to my NRO account.
My question is, Is there any other possibility of him transferring my refund directly to my Dubai bank or to NRE account. If not, and he deposits the refund to my NRO account, how can I go about getting this funds transferred to my Dubai account.
Kindly help with your expert opinions
Regards,
Sreeharsha
CAclubindia
