Reserve Bank of India (RBI) has granted permission for the sale of property in India by Non resident Indians.

As per Government norms, a Non Resident Indian can transfer his/her property in India in 3 ways.

1. Transfer by Sale

   A Non Resident Indian can sell his property to a person resident in India, to a Non Resident Indian or to a Person of Indian Origin (PIO).

2. Transfer by gift

   A Non resident Indian can gift his/her residential or commercial property to a person resident in India, to a Non Resident Indian, or to a PIO, or can also to a foreign national of non-Indian origin but it needs prior approval of Reserve bank.

3. Transfer through mortgage

   A residential or a commercial property owned by a Non Resident Indian can be mortgaged to an authorized dealer or to a housing finance institution in India without the approval of RBI or to a party abroad with prior approval of RBI.

Sale

If the property is purchased by another foreign citizen of Indian origin, the funds towards the purchase can either be remitted to India or paid in a Non Resident External (NRE) or Foreign Currency Non Resident (FCNR) account. Remittance of the sale depends on the mode of acquisition.