Acquisition of immovable property by NRIs and OCIs allowed with restricted payment channels and exclusions for agricultural properties.

NRI and OCI may acquire immovable property in India except agricultural land, farm houses or plantations, provided consideration is paid by inward remittance through banking channels or from funds in non-resident accounts; payments by traveller's cheques, foreign currency notes or other prohibited modes are not allowed. Acquisition by gift is permitted from residents or from NRIs/OCIs who are relatives; acquisition by inheritance is permitted from non-resident sellers who had validly acquired the property or from residents. NRIs and OCIs may transfer immovable property to residents and (except agricultural land, farm houses or plantations) to other NRIs or OCIs.

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