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of <h1>NRIs and PIOs can buy residential/commercial properties in India; restrictions apply for agricultural land.</h1> The acquisition and transfer of immovable property in India by non-residents are governed by the Foreign Exchange Management Act (FEMA) and related RBI notifications. Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and certain foreign nationals can purchase residential and commercial properties, but not agricultural land, plantation property, or farmhouses without RBI approval. Foreign companies with branches in India can acquire property necessary for their operations. NRIs and PIOs can repatriate up to USD one million annually from the sale proceeds of properties held in NRO accounts. Specific restrictions apply to citizens of certain countries, who require RBI approval for property transactions.
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