Can the sale proceeds of such property (if and when
sold) be remitted/repatriated out of India?
Yes the sale proceeds can be remitted/repatriated out of India
In the event property acquired out of foreign exchange source
i.e. remittance through normal banking channels/ debit to
NRE/ FCNR(B) accounts, the amounts to be repatriated should
not exceed the amount paid for such property from such source.
However, repatriation of sale proceeds purchased out of foreign
exchange is restricted to not more that two residential properties,
in a block of one year, with a facility of crediting the Capital
gain to the NRO account.
Again in the event the property was acquired out of Rupee
source, an amount not exceeding USD one million, per financial
year, subject to tax compliance, out of balance held in NRO
account, may be remitted/repatriated.