Back to Top of Index Question-105: Can foreign citizens of Indian origin acquire commercial properties in India ?
Yes. Under general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreigh citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers’ NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in the prescribed form within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
