Can an NRI invest in immovable property?
Non-resident Indian citizens can freely purchase and sell residential and commercial properties in India. Even foreign citizens of Indian origin do not have to obtain RBI’s permission to purchase and sell properties (other than agricultural/ plantation land and farm houses), provided the purchase price is met out of foreign exchange funds. However, they need to submit a declaration to the RBI within 90 days of the purchase. Foreign citizens need to obtain permission for property transactions. The proceeds of the sale of properties can be repatriated subject to the obtaining of RBI’s permission within 90 days of the sale transaction. The amount repatriated cannot be more than the purchase amount made with foreign exchange funds. The properties (which cannot exceed two residential properties and any number of commercial properties) should have been purchased on or after 25th May 1993 by NRIs with foreign exchange funds and sold at least 3 years after their purchase date. Giving and recei
