Companies (other than banking companies), which are not incorporated under any law in India, are granted general permission by RBI to acquire or hold any immovable  property which is necessary for, or incidental to, any activity permitted  by RBI  under section 28 or section 29 of  FERA. A declaration is to be  filed with RBI in Form IPI5 not later than 90 days from acquisition of immovable property .

Foreign companies which have been permitted  to open liaison office or to post representatives in India, are  allowed  to acquire properties in India with prior permission of RBI. RBI may permit  purchase of properties  for their own use and not for earning income by way of rent. The purchase consideration is to be met out of foreign exchange remitted from abroad, through normal  banking  channels.

c)  The acquisition, sale, etc. of immovable properties by foreign banks operating in India are governed by the relevant provisions of the Banking Regulation Act and the RBI’s policy in force. Foreign Banks are required to comply with directions of RBI’s Department of Banking Operations and Development (DBOD) in this regard.