Overseas Indians willing to sell property in India can remit the proceeds of the sale back to their home country, provided the consideration received from the sale is not more than the amount invested by him at the time of purchase. Moreover, the individual can not transfer proceeds of more than two properties outside the country.

Acquisition /Selling/Transfer of Property in India by an Indian citizen resident outside India
A person resident outside India, but is still a citizen of India, can

• acquire any residential or commercial property in India
• transfer any immovable property to a person resident in India
• transfer any immovable property other than agricultural/plantation property/farmhouse to a person resident outside India or to a person of Indian origin resident outside India

Acquisition / Transfer of Property in India by a Person of Indian Origin

• A PIO can acquire immovable property as a gift or an inheritance from an Indian resident or an NRI or a PIO
• A PIO can acquire immovable property from a PIO who had acquired the property from a resident Indian who had, in turn, acquired it as per the foreign exchange laws prevailing at the time.
• A PIO can sell property to a resident Indian, including agricultural and farmland property
• A PIO can gift residential or commercial property to a resident Indian or to NRI or a PIO