In India, Reserve Bank of India has offered permission to NRI’s and PIO (Person of Indian Origin to purchase any immovable property in India. One can only purchase residential and commercial property in India. The purchase of agricultural land, plantation property or farmhouse is not allowed. There is no limitation on the number of properties.

• If a Non Resident Indian buys a property with some permission, he / she will not have to file any reports or documents with RBI (Reserve Bank of India).

• A person of non Indian origin, living outside India cannot buy a property in India. He cannot buy any property until and unless it is obtained by way, of inheritance from a person who was the citizen of India.

• An NRI can take an immovable property on lease for a period that is not exceeding 5 years without taking any permission from RBI.

• An NRI can take a property in the form of gift from a person residing in India. However, the property should be some commercial or residential in nature.

• The Government of India has allowed  the branches of a foreign company to purchase any immovable property in India.

• A foreign company that has set their Branch Office in India according to Foreign Exchange Regulations can get an immovable property India only for carrying out business activities.

• The payment for acquiring such property can be done through foreign inward remittance with the help of proper banking channels.

• A declaration should be dully filled with RBI (Reserve Bank of India) within 90 days from the date of getting the property.

• This sort of property can be put as collateral for availing Loan Against it.

• It is important to note that entities included in Pakistan, Nepal, Bhutan, Sri Lanka, China and Iran must get  initial approval from RBI in case they want to acquire the property in India.

• If the foreign company has set up its Liaison office in the country, one is not eligible to take the property in such cases. However, in some cases, these offices can acquire the property with the help of lease not exceeding more than 5 years.

• If you are an NRI, you can put your acquired property on rent without taking any approval from RBI. The rent received can be forwarded to NRO in NRE account. People who do not maintain any NRO account in India can take this money home by getting an appropriate certification from an authorized Chartered accountant.