Can NRI buy property in india

Shilpa Rani (Querist) 07 December 2008 This query is : Resolved
Can NRI ( american citizen of indian origin ie,parents are indians) buy property( agricultural lands) in india...if he wants to buy ....what is the procedure....is it same as indian buying property in india..

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Adv.Shine Thomas (Expert) 08 December 2008
NRI can purchase residential immovable property in India.But he cannot purchase agricultural land in India according to the provisions of FEMA.He can purchase the same if the funds are from India and he can show a local Indian address and PAN card for transactions over Rs.5 lacks.