RBI Guidelines for NRI Investment in Properties in India
- Permission for purchase of residential or commercial property
- NRIs holding Indian passports: No permission required
- NRIs holding foreign passports: Intimation to RBI via form
IPI-7 within 90 days of purchase of property or final payment of consideration. Funds through NRE/NRO accounts.
- Sale of Property
- Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.
- Repatriation of Sale Proceeds
- Repatriation of proceeds from sale of residential property purchased on or after 26th May 1993 is allowed.
- The RBI will consider repatriation of the consideration amount remitted in foreign exchange for the acquisition of 2 properties.
- The sale has to have taken place after 3 years from the date of final purchase deed or from the date of final payment.
- Application of repatriation (IPI-8) has to be done within 90 days of the sale of the property.
- Income from Property NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account.
- Subject to change from time to time
- E. &O.E