In case of acquisition of agricultural land / plantation property / farmhouse, what are the guidelines for NRIs or foreign citizens of Indian origin?
The guideline for NRIs and foreign citizens of Indian origin is as follows:
If a person residing outside India wants to acquire property to carry on business from India, he has to file a declaration in Form IPI with RBI within 90 days from the date of acquiring the immovable property. A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan cannot acquire immovable property without prior permission of RBI. But he can take an immovable property on lease for 5 years only.
However, NRIs and POIs do not require permission from Reserve Bank of India to
acquire residential or commercial premises in India, other than
agricultural land, farm house or plantation properties.
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