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Foreigners Buying Property
Persons who are not citizens of India, and companies (other than banking companies), which are not incorporated in India, are required to obtain prior permission of The Reserve Bank to acquire, hold, transfer or dispose of property. (Refer Section 31 (1) of FERA (Foreign Exchange Regulations Act, 1973).
This also applies to partnership firms where one of the partners is a foreign national.
Foreign nationals who wish to buy property in Mumbai must contact the following office for the necessary permissions.
The Chief General Manager
Exchange Control Department
Foreign Investment Division (III)
11th floor, Central Office Building,
Reserve Bank of India, Central Office,
Shahid Bhagatsingh Marg,
Mumbai - 400 001.