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Do non-resident Indian citizens require permission of Reserve Bank to acquire residential/commercial property in India?

April 26, 2017acquire Bank citizens Commercial indian non-resident permission Property require Reserve Residential

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Do non-resident Indian citizens require permission of Reserve Bank to acquire residential/commercial property in India?

3 Answers

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No. An NRI does not require any permission to acquire any immovable property in India other than agricultural/ plantation property or a farmhouse.

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No. An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agriculteral/plantation property or a farm house. However the purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

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No. An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agricultural/plantation property or a farm house. However the purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.