1. Regulatory Entitlements under FEMA
Under the Foreign Exchange Management Act (FEMA), Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) are granted unrestricted parity with resident citizens for the purchase of immovable residential and commercial real estate in India.
There is no cap on the number of luxury apartments, penthouses, or commercial office suites an overseas buyer can hold.
2. Banking, Remittance & FIRC Protocols
The single most common oversight for overseas buyers is neglecting the Foreign Inward Remittance Certificate (FIRC).
When remitting foreign currency (USD, GBP, AED, SGD, EUR) for property booking advances or milestone disbursements, your Indian receiving bank must issue a digital FIRC. This certificate serves as irrefutable statutory evidence that foreign funds were introduced, which is mandatory when later repatriating capital upon sale.
