The Reserve Bank of India (RBI) has conceded general consent to NRIs, PIOs and outside natives to put resources into land for their private purpose. The general authorization covers just residential and commercial property. Moreover, NRIs can buy commercial, just as residential property in India (apart from agricultural land, farm house and plantation property) gave the buy thought is met either out of internal settlements in outside trade through ordinary financial channels or out of assets from the buyer's NRE/FCNR accounts kept up with banks in India.
For this,a declaration must be submitted to the Central Office of Reserve Bank in structure IPI 7 inside a time of 90 days from the date of procurement of the property/last installment.