1. An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agriculture / plantation property of a farmhouse.
2. A person of Indian origin resident outside India does not require any permission to acquire any immovable property other than agricultural land / farm / house / plantation property in India by purchase, fro out of funds.

• received in India by way of inward remittance through banking channel from any place outside India, or
• held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank under the Act.

Banks and Housing Finance institutions provide housing finance to NRIs or persons of Indian Origin (PIO), for acquiring property in India.

1. An Indian citizen resident outside India does not require any permission to transfer any immovable property, to a citizen of India who is resident in India.
2. An Indian citizen resident outside India does not require any permission to transfer any immovable property other than agricultural or plantation property or farm house, to a person who:-

3. A person of Indian origin resident outside India does not require any permission to transfer any immovable property in India other than agricultural land / farm house / plantation property, by way of sale to a person resident in India.

• NRIs can freely rent out their immovable property in India without seeking any permission from the Reserve Bank.
• These incomes are taxable in India. The rental income being a current account transaction is freely repatriable outside India.

Repatriation outside India, including credit to RFC, NRE or FCNR account, of sale proceeds of any immovable property situated in India, do not require prior permission of the Reserve Bank where, the sale is of immovable property other than agricultural land/farm house/plantation property in India by a person resident outside India, who is a citizen of India, or a person of Indian origin and the following conditions are satisfied.

• the immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999.
• the sale takes place after three years from the date of acquisition of such immovable property or from the date of payment of final installment of consideration for its acquisition, whichever is later
• the amount to be repatriated does not exceed (a) he amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in foreign currency non-resident account or (b) the foreign currency equivalent, as on the date of payment, of the amount paid where such payment was made from the funds held in non-resident external account for acquisition of the property; and
• in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.