Who is an NRI?
Any person of Indian Origin (Indian Citizen) living abroad for purpose of education, employment, carrying on business etc. for an long duration abroad is a non-resident Indian. Non-residents foreign citizens of Indian Origin are also treated on par with non-resident Indian Citizens (NRI’s) for purpose of certain facilities.
Do non-resident Indian Citizens require permission of Reserve Bank to acquire residential / commercial property in Indian?
No. Non-resident Indians are allowed to make real estate investments in India without any cap on quantity or the number of investments.  
What payment modes can an NRI use for paying for the property?  
There is no restriction or condition on payment on buying a property. The normal banking channels are applicable.  
FCNR (Foreign Currency Non Resident Accounts) in India
Remittance from abroad through normal banking channels.
NRO accounts in India (Deposits in dollars opened by residents or non-residents)
NRE (Non Resident External Rupee Accounts)
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