New guidance highlights eligibility, FEMA compliance and tax obligations for overseas Indian homebuyers PRAVASISAMWAD.COM Non-Resident Indians (NRIs) planning to purchase property in India are being advised to understand the legal, financial and tax implications before making investment decisions, as demand for residential real estate among overseas buyers continues to grow. Under the Foreign Exchange Management Act (FEMA), NRIs and Overseas Citizens of India (OCIs) are permitted to buy residential and commercial properties in India without requiring prior approval from the Reserve Bank of India. However, they are not allowed to purchase agricultural land, plantation property or farmhouses, except in specific