A person resident outside India can purchase a property under Foreign Exchange Management Act (1999).Under this section an NRI can hold, purchase, and invest in immovable property in Indian currency if such currency or property was acquired, held or owned by such person when he was a resident in India or inherited from a person who was a resident in India.
Mode of payment for purchase:
Payment by NRI can be made out of:
The company receiving the investment must report to the RBI in form FC-GPR within 30 days of the issue of shares.
No payment can be made by foreign currency or traveler's cheque. Payment cannot be made outside India.