If a person of Indian origin residing outside India wants to sell property in India , are sales proceeds allowed to be remitted out of India ?

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If a person of Indian origin residing outside India wants to sell property in India , are sales proceeds allowed to be remitted out of India ?

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This is allowed if the property has been purchased on or before 26th May, 1993. But the property must be sold at least three years after the date of the final purchase deed or the date of payment of the final payment installment, whichever is later. An application (form IPI8) also has to be made to the Central Office of Reserve Bank within 90 days of the sale of the property.

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