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Repatriation of investments (Immovable Property):

i) For NRIs holding Indian passport:

After May 26, 1993, NRIs with an Indian passport have been allowed to repatriate the sale proceeds of any immovable property to the extent of original investments from foreign funds for purchase of immovable property, provided the sale has taken place after three years from the date of acquisition or from the date of the payment of final consideration whichever is later. For availing this facility, they need to submit a declaration to the RBI in form IPI-7 prescribed by RBI if they intend to avail repatriation facility in case of sale of property. If non-resident Indian nationals require repatriation they will have to comply with the formalities/conditions that deal with the acquisition/disposal of immovable properties by foreign nationals of Indian origin.

ii) Foreign nationals of Indian origin:

Foreign nationals of Indian origin have also been allowed to repatriate sale proceeds to the extent of original investments made from foreign funds for purchase of immovable property if the property is purchased on or after May 26, 1993. If they intent to repatriate the sale proceed at a later date, they will have to make a declaration to the RBI in Form IPI-7 within 90 days of such acquisition along with a certified copy of the document evidencing the transaction and a bank certificate as regards the consideration involved.
iii) Foreigners of non-Indian origin:
Foreigners of non-Indian origin can also purchase immovable property in India for residen tial use after obtaining permission from RBI in a prescribed Form IPI-1 provided the purchase price is paid from foreign funds. However, no repatriation facility of sale proceeds is available in such cases.

A) General permission for letting out of properties by NRIs:

The RBI has granted general permission to non-resident Indian citizens and foreign citizens of Indian origin to let out any immovable property held by them in India. Rental income accrued thereby or proceeds of any investment of such income is freely repatriable outside India.

B)CEILING ON HAVING PROPERTIES

As per the existing guidelines, there is no restriction on the number of residential properties that a foreign national of Indian origin can acquire in India for residential use provided the purchase price is paid in foreign exchange remitted to India through normal banking channels or funds withdrawn from the purchaser's NRE/FCNR account maintained with a bank in India. However, the facility of repatriation of the original investment is restricted to two properties only.