Are Non Resident Indians (NRIs) & Foreign Citizen of Indian origin (PIOs) allowed to acquire or dispose immovable property in India?

Yes! The Reserve Bank of India has clearly granted permission to all Non Resident Indian's (NRIs) & Foreign Citizens of Indian origin (PIOs) to acquire & dispose immovable property in India, be it Residential or Commercial Property. However the RBI has a restriction on the purchase of Agricultural Land/Plantation Property or Farmhouses in India.

Therefore, when a person who is foreign citizen allowed acquiring property which is permitted by RBI shall be interpreted that person entitle to obtain decree for attachment of immovable property in the event of fail to make payment to acquire the loan secured property under the Indian law.

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