Can a person of Indian origin residing outside the country acquire commercial property in India ?

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Can a person of Indian origin residing outside the country acquire commercial property in India ?

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People of Indian origin residing outside India can acquire properties apart from agricultural land. However, the payment must be made out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers’ NRE / FCNR accounts maintained with a bank in India . A declaration also has to be submitted to the Central Office of the RBI (form IPI 7) within 90 days from the date of purchase or of final payment.

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