Section 8(b) in Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
(b)In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by an NRI or an OCI, the authorised dealer may allow repatriation of the sale proceeds outside India, provided the following conditions are satisfied, namely:(i)the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of his acquisition or the provisions of these Regulations;(ii)the amount for acquisition of the immovable property was paid in foreign exchange received through banking channels or out of funds held in Foreign Currency Non-Resident Account or out of funds held in Non-Resident External account;(iii)in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.
