Foreign Exchange Management Act (FEMA)
4. Immovable Property outside India
Earlier, under FERA, there was no restriction placed on foreign citizens who were residents of India , for acquiring immovable property outside India.
Now FEMA prohibits a resident to acquire, own process, hold or transfer any immovable property situated outside India. This restriction applies irrespective of whether the resident is an Indian citizen or foreign citizen. With this provision being effective a foreign citizen who is a resident in India has to take approval of Reserve Bank of India for selling or buying any immovable property situated outside India .