NRIs must submit a certificate from an overseas auditor or chartered accountant or a certified public accountant in form OAC. It must state that the ownership interest is actually held by them and not in a capacity as nominee.

NRIs do not require permission from the Reserve Bank of India (RBI) to acquire residential or commercial property in India. In the case of foreign citizens of Indian origin, whether resident in India or abroad, the RBI has granted general permission to purchase immovable property in India for their bonafide residential purpose.

NRIs are required to file a declaration in form IPI - 7 with the Central Office of Reserve Bank of India, Mumbai, within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document showing evidence of the transaction and bank certificate regarding the consideration paid.

Applications for repatriation of sale proceeds are considered; provided the sale takes place after three years from the date of purchase deed or from the payment of final installment of consideration amount, whichever is later. Applications for necessary permission for remittance of sale proceeds should be made in form IPI - 8 to the Central Office of Reserve Bank of Mumbai within 90 days of the sale of the property.

Under the general permission granted by the Reserve Bank, properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin. These citizens must provide proof that the purchase consideration is met either out of inward remittance in foreign exchange through normal banking channels or out of funds from the purchasers NRE/FCNR accounts maintained with banks in India. A declaration to this effect must be submitted to the Central Office of Reserve Bank in form IPI - 7 within a period of 90 days from the date of purchase of the property or final payment of purchase consideration. They can then dispose of these properties.

Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after May 26, 1993 is allowed. However, the amount to be remitted should not be more than the consideration amount originally remitted from abroad. The property can be sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank of India within 90 days of the sale of property in form IPI - 8.