Acquisition of immovable property by foreign branches requires regulatory declaration and RBI approval for specified nationalities. Non-resident persons with an established branch, office or other place of business in India (excluding liaison offices) may acquire immovable property necessary or incidental to their activity, provided they comply with applicable laws and file a declaration in Form IPI with the Reserve Bank within ninety days. Such property may be mortgaged to an authorised dealer as security for borrowings. Persons of certain specified nationalities are restricted to leases not exceeding five years and require prior Reserve Bank approval for other acquisitions.