EXPATRIATES & NRIS
Fortunately for the NRIs, no special sanction or permission is required to buy property in India. NRIs are also allowed to rent a particular property and send back their rental proceeds to the country they are living in currently. Of course this amount will be subject to payment of taxes.
Puranik Builders - a trusted name in real estate - lends full support to foreigners or NRIs or both to buy properties in India. Another very important aspect is that an NRI who is an Indian Citizen can sell his Immovable Property (other than agricultural or plantation property or farmhouse) to another NRI. The only condition is that the transaction has to be routed only through Indian channels.
This means that the buyer has to invest in India through remittance from abroad by way of normal banking channels or by debit to his account maintained with an authorised dealer. The sale proceeds of the property should be credited to a NRI's bank account maintained with an authorized dealer in India.