Can foreign citizens of Indian origin acquire commercial properties in India?
Properties other than agricultural land/farm house/plantation property can be acquired by foreign 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 purchaser’s NRE/FCNR accounts maintained with banks in India. A declaration has to be submitted to the Central Office of the RBI in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration. ……………………………………………………………………………………………………………………………………….
