Real Estate

Rules for Investment in Immovable Property in India for an NRI who is an Indian Citizen

• A Non Resident Indian can buy immovable property in India - residential or commercial.
• There is no restriction on the number of properties you can buy. However when you sell them, repatriation shall be available for only two properties, restricted to the cost of the properties bought.
• Payment can be made by any one of the following means:
  through normal banking channels.
  through NRE account in India.
  through FCNR account in India.

• You can also make payment from your NRO account in India, in Indian rupees. However, such payment will not be considered as investment in foreign currency.
• In case you are selling property, if you have made the original investment in foreign exchange, you can take away only to the extent of the foreign exchange invested by you, subject to a maximum of two properties. You need to make an application to RBI(in Form No. IPI 8) within 90 days of the sale if you wish to take back your investment. The immovable property should be held by you for a minimum of three years. If you have invested in Indian rupees, the money cannot be taken back.
  
• Kerala real estate