NRIs can acquire any immovable property(other than agricultural land, plantation or farm-house property) by way of purchase, provided the payment is made out of foreign exchange inward remittance or any Non Resident bank account in India, i.e. Non Resident External Account - NR (E), Foreign currency Non Resident Account - FCNR or Non Resident Ordinary Account - NRO account. Although immovable property is not defined, the same will include:
Acquisition can be made by way of
Transfer: Although transfer is not defined under the Regulations, but the definition of FEMA, 99 [Sec. 2(ze) of F.E.M.A. 1999] will apply & include:
Repatriation of Sale proceeds: An NRI being an Indian citizen or a foreign citizen of Indian origin is allowed to repatriate the sale proceeds of an immovable property subject to the following conditions:
The NRIs who are staying abroad may enter into an agreement through their relatives by executing the Power of Attorney in their favor if it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or developer, drafting and signing of agreements and taking possession). Rental income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.
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