NRIs
holding
Indian
passport
do not
require
prior
permission
of
Reserve
Bank of
India to
buy
residential
or
commercial
immovable
property
in
India.
The
purchase
consideration
may be
paid
either
by
remittance
of funds
from
abroad
through
normal
banking
channels
or out
of NRE/
FCNR/NRO
account.
NRIs
of
Indian
nationality
do not
require
any
permission
for
acquisition,
transfer
or
disposal
by way
of gift
of
immovable
property
which is
not a
farmhouse
or
agricultural
land or
plantations
property.
Declaration
on form
IPI 7
for
acquisition
of
commercial
property
for
carrying
on any
industrial,
commercial
or
trading
activity
by their
proprietary/partnership
firm in
India is
required
to be
filed
with RBI
within
90 days
from
date of
purchase.
