The Indian Government has permitted NRIs to invest in real estate in India, without being subject to caps on the number or quantity of investments.

According to FEMA, an NRI can purchase an immovable property in India with inward remittances from a bank account outside India or through a special NRI account within the country

Prior to purchasing a real estate property, an NRI has to fill a specific form, called the IPI 7, with the central office of RBI.

An NRI is also mandated to submit a copy of the title deed or any such document, proving that s/he has executed an agreement to buy a property in India.

An NRI seeking to sell the property is subject to mandatory lock-in period of three years.

An NRI can only repatriate the sales proceeds of maximum two properties, and the returns from real estate investment in India cannot be repatriated as dividends.

The amount of repatriation must not exceed the funds paid for acquisition of the property, regardless of the actual sales proceeds received.

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