In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a person resident outside India, who is a citizen of India, or a person of Indian origin, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied:

» The immovable property was acquired by the seller in accordance with the    provisions of the Exchange Control Rules/Regulations/Law in force at the time of    acquisition, or the provisions of the Regulations framed under the Foreign Exchange    Management Act, 1999.

» The amount to be repatriated does not exceed (a) the amount paid for acquisition    of the immovable property in foreign exchange received through normal banking    channels or out of funds held in foreign currency non-resident account or (b) the    amount paid where such payment was made from the funds held in non-resident    external account for acquisition of the property.

» In the case of residential property, the repatriation of sale proceeds is restricted to    not more than two such properties. Authorized Dealers have been permitted to    allow the facility of repatriation of funds by NRIs/PIOs in their Non-Resident Ordinary    Rupee (NRO) account up to US$ 100,000 per year representing sale proceeds of    immovable property held by them for a period of not less than 10 years subject to    payment of applicable taxes

» All requests for acquisition of agricultural land/plantation property/farm house by    any person resident outside India or foreign nationals may be made to The Chief    General Manager, Reserve Bank of India, Central Office, Exchange Control    Department, Foreign Investment Division (III), Mumbai 400 001

» The NRIs/PIOs can freely rent out their immovable property in India without seeking    any permission from the Reserve Bank. The rental income being a current account    transaction is freely repatriable outside India.