Who can purchase immovable property in India? State the requirements which must be satisfied for repatriation of sale proceeds of any immovable property outside India under Foreign Exchange Management Act, 1999.

Who can purchase immovable property in India? As per Section 6(5) of the Foreign Exchange Management Act, 1999 (FEMA), a person resident outside India can hold, own, transfer, or invest in any immovable property situated in India if such property was acquired, held, or owned by him/her when he/she was resident in India or inherited from a person resident in India. A 'Non-Resident Indian' (NRI) and an 'Overseas Citizen of India (OCI)' can acquire by way of purchase any immovable property (other than agricultural land/plantation property/farm house) in India. Foreign Embassy/Diplomat/Consulate General may purchase/sell immovable property (other than agricultural land/plantation property/farm house) in India. Requirements for repatriation of sale proceeds of immovable property outside India under FEMA, 1999: A person acquiring property in accordance with Section 6(5) of FEMA, 1999, or his successor, cannot repatriate outside India the sale proceeds of such immovable property without the prior permission of the Reserve Bank. However, if such a person is a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) resident outside India, he/she can utilise the remittance facilities available under the Foreign Exchange Management (Remittance of Assets) Regulations, 2016, as amended from time to time. In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a PIO resident outside India or an NRI or an OCI, the Authorised Dealer may allow repatriation of the sale proceeds outside India, provided the following conditions are satisfied: The immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him. The amount for acquisition of the immovable property was paid in foreign exchange received through banking channels or out of funds held in FCNR(B) account or NRE account. In the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.