'Non-resident Indian' is an individual who is a citizen of India or a person of Indian origin and who is not a resident of India.
A Person of Indian Origin (PIO) means a foreign citizen (except a national of Pakistan, Afghanistan, Bangladesh, China, Iran, Bhutan, Sri Lanka and Nepal) who at any time held an Indian passport Or who or either of their parents/ grandparents/ great grandparents were born and permanently resident in India as defined in Government of India Act, 1935 and other territories that became part of India after that provided neither was at any time a citizen of any of the aforesaid countries ( as referred above); Or Who is a spouse of a citizen of India or a PIO
The following categories of persons can purchase residential and commercial immovable property in India:
The general permission, however, covers only the purchase of residential and commercial property and not for the purchase of agricultural land/plantation property/farmhouse in India.
In case the NRI/PIO is unable to come to India, the documents pertaining to the purchase can be executed by any person, who is given a valid power of attorney
Are there any restrictions and/or documents that need to be filed with the Reserve Bank of India (RBI) for the purchase of residential or commercial immovable property?
No. There are no restrictions and/ or documents to be filed with the Reserve Bank of India for the purchase of residential or commercial property by NRI / PIO under general permission. The RBI has given general permission to NRIs and PIO to buy any residential or commercial property in India. They need not seek any specific permission nor are they required to send any communication or intimation in this regard to the RBI.
An NRI can purchase the property, either as a single owner or jointly, with any other NRI.
A person resident outside India who is a citizen of India (NRI) can acquire by way of purchase and transfer any residential and commercial immovable property in India other than agricultural land/plantation property/farmhouse.
The residential/ commercial property can be funded by: