With the prices of property in India - be it commercial or residential - spiraling higher than those in the US and the UK, this is a good time for all Non-Resident Indians (NRIs) to consider investing in the country. And the boom times aren't limited to just the metros. The concept of ultra-modern private integrated townships and world class infrastructure has taken wing in a big way in practically all cities and satellite townships in the country, thereby making investments in property in India most lucrative.
Amendments to the Foreign Exchange Regulation Act (FERA) now allow NRIs to acquire residential and commercial properties without prior permission from the RBI. You can even let out the property and credit the Income to your NRO account. A certain percentage of that income may be even repatriated abroad. There is no limit on the number of properties an NRI can buy.