Factual summary of FEMA rules for NRIs and OCIs buying residential plots in India.
Under the Foreign Exchange Management Act, 1999 (FEMA) and RBI regulations, NRIs (Non-Resident Indians) and OCIs (Overseas Citizens of India) can acquire residential or commercial property in India without RBI permission.
Restriction: agricultural land, plantation property and farmhouses cannot be purchased by NRIs / OCIs (they may inherit such property).
Payment must be through normal banking channels in Indian rupees from NRE / NRO / FCNR accounts.
There is no restriction on the number of residential or commercial properties an NRI can hold.
Janaharsha Dream City plots in Ibrahimpatnam are residential plotted developments and therefore permissible for NRI / OCI purchase under FEMA.
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