The Reserve Bank of India has made it clear that the NRIs and Overseas Citizens of India need not secure RBI permission to buy real estate in the country. However, they are prohibited from buying agricultural land, acquiring farm houses, and plantation property. In purchase of the rest of the categories of property or transfer they need not take the permission of RBI permission. In view of the Supreme Court’s latest verdict on FERA Act, whether the NRIs, OCI have nursed several doubts on acquiring the property. In this backdrop, the RBI issued a clarification.
