NRIs/PIOs can acquire residencial property in India; however a PIO
who is a citizen of Pakistan, China or Bangladesh has restrictions in
acquiring property. Also, NRIs and PIO cannot buy agricultural land,
plantation property and farm house.
They can rent it out, transfer it, or sell it as well. They can take
the rental income and their investments in the property out of the country,
subject to the foreign exchange regulations.
Due to the relaxed conditions, NRIs can invest in property in India
easily. A NRI is an Indian citizen residing outside India. A PIO is
an individual who at any time held an Indian passport, or whose father
or grandfather was a citizen of India.