Necessary formalities for Acquisition of Immovable Property in India

There is no ceiling on the number of immovable properties acquired or sold in India by NRIs and PIOs. However, NRIs/PIOs belonging to Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan require a prior approval of the Reserve Bank of India for acquiring Immovable Property in India.
It is mandatory to file a declaration of the acquired property with the Reserve Bank of India within 90 days of acquisition of property, on the prescribed Form – IPI 7.
IPI Forms
The Reserve Bank of India has issued IPI Forms for fresh acquisition and holding of Immovable Property in India by residents and Non Residents. The table below gives a brief applicability of IPI Forms.

IPI Forms	Applicable for
IPI Form 1	Fresh acquisition or holding of immovable property in India (other than those covered under the general permission granted by RBI)
IPI Form 2	Sale/transfer of property (other than tea, coffee, rubber, etc., plantations or those covered by general permissions granted by RBI)
IPI Form 3	Sale/transfer of tea, coffee, rubber, etc. plantation
IPI Form 4	Particulars of productivity, income, etc.
IPI Form 5	General permission to companies other than banking companies to acquire or hold immovable property which is necessary for or incidental to any activity permitted by RBI.
IPI Form 6	Properties held prior to commencement of Foreign Exchange Regulations Act, 1973 required to declare property to RBI
IPI Form 7	General permission for acquisition/disposal of residential/commercial properties by Foreign Citizens of Indian Origin
IPI Form 8	Repatriation of sale proceeds of property or properties credited with NRI/PIO accounts