In India, the Foreign Exchange Management Act, 1999 (FEMA) governs the aspects of purchase and sale of property for non-residents. FEMA facilitates external trade and payments. It frames policies and procedures, issues directions with respect to foreign exchange and manages the foreign exchange reserves in India. The FEMA policies and compliance are administered by India's central bank, the Reserve Bank of India (RBI). To facilitate ease of transacting, the RBI has delegated the authority to approve transactions to Indian banks also referred to as authorised dealer banks (AD). Foreign nationals intending to acquire property in India must comply with the specific FEMA directions.
In India, eligible persons may acquire or lease a property such as:
- Ìý
•ÌýÌýÌýÌý independent homes
- Ìý
•ÌýÌýÌýÌý apartments
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