Can NRIs acquire commercial properties in India?
Yes, under the general permission granted by Reserve Bank 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 / 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 Form IPI 7 within a period of 90 days from the date of Purchase of the property / final payment of purchase consideration.
