Barring agricultural and plantation property, NRIs and PIOs are
allowed to invest in property in India, and enjoy the same platform
as resident Indians with respect to loans and insurance. They
also enjoy parity with resident Indians on the quantum of investment
in real estate, which is unlimited for all.
NRIs can purchase property from their remittances from abroad,
and enjoy full repatriation benefits for up to two residential
properties.
As per FEMA laws, PIOs are required to inform the RBI of their
purchase of property in Form IPI 7 within 90 days of the transaction
along with a bank certificate declaring the consideration made
for the purchase.
The table below explains the policies and restrictions on NRIs
and PIOs defined by the Foreign Exchange Management Act, 2000
on the acquisition and sale of property.
| Indian Citizen Resident Outside India
may: |
| |
NRI |
PIO |
Resident |
| Purchase Property From |
Yes |
Yes |
Yes |
| Sell Property To |
Yes |
Yes |
Yes |
| Receive Gift From |
Yes |
Yes |
Yes |
| Give Gift To |
Yes |
Yes |
Yes |
| Agricultural Property |
|
|
|
| Purchase Property From |
No |
No |
No |
| Sell Property To |
No |
No |
Yes |
| Receive Gift From |
No |
No |
No |
| Give Gift To |
No |
No |
Yes |
| Person of India Origin Resident outside India may: |
| Purchase Property From |
Yes |
Yes |
Yes |
| Sell Property To |
No |
No |
Yes |
| Receive Gift From |
Yes |
Yes |
Yes |
| Give Gift To |
Yes |
Yes |
Yes |
| Agricultural Property |
|
|
|
Purchase Property From
|
No |
No |
No |
| Sell Property To |
No |
No |
Yes |
| Receive Gift From |
No |
No |
No |
| Give Gift To |
No |
No |
Yes |
