Immovable property can be acquired outside India:
(i). A person resident in India may acquire immovable property outside India by way of inheritance or gift or purchase from a person resident in India who has acquired such property as per the foreign exchange provisions in force at the time of such acquisition. This includes opportunities like nri investment in India in property and investing outside India, considering the RBI guidelines for NRI investment in real estate.
(ii). A person living in India can buy property abroad from someone who is also a resident.
(a) by way of inheritance, ensuring compliance with the guidelines for investment opportunities in India for nri;
(b) They can purchase it using foreign exchange from their RFC account, a common approach for NRI investment plans in India.
(c) by way of purchase out of the remittances sent under the Liberalised Remittance Scheme instituted by the Reserve Bank: This is particularly beneficial for property investment for nri and nri buy property in india. Under the Liberalised Remittance Scheme, remittances can be combined for relatives, as long as those relatives residing in India follow the scheme's terms and conditions.
(d) jointly with a relative who is a person resident outside India, which can open up more investment opportunities in India;
(e) Using income or proceeds from the sale of assets (excluding ODI) that were acquired abroad under the provisions of the Act. This offers best property investment in india possibilities, especially for those looking for nri investment options.
(iii) An Indian company with an overseas office can buy property abroad for business use or staff accommodation, following the guidelines set by the Reserve Bank from time to time. This is another pathway for nri investment strategies to diversify.
Also Read: 10 Things NRIs should do before buying a property in India