NRIs can fund real estate purchases in India using different channels, including.
Funds can easily be remitted directly from abroad through normal banking channels.
NRI can simply use their funds from NRE (Non-Resident External) or FCNR (Foreign Currency Non-Resident) or NRO (Non-Resident Ordinary) accounts. Payments for property deals cannot be done in foreign money, traveler’s checks, or other prohibited ways.
FEMA has specific rules and necessities for repatriating funds earned from the sale of property
NRIs can transfer up to USD 1 million each financial year into their NRO account, according to certain limitations.
NRIs can jointly manage property alongside other NRIs or locals. However, the land must be obtained in adherence with FEMA regulations. NRIs may also use a Power of Attorney (POA) to manage property transactions from overseas. This is particularly helpful for NRIs who can’t be physically present during the property transaction in India.