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A foreigner (individual or corporate body) can buy and own property in India either with money he has earned here or with foreign currency. But since we have not yet introduced full convertibility of Indian money, it is not possible to take out the money by selling the property. There is time bar on that and in any case as and when he is allowed to take the money out of the country, he will be allowed to take out the exact amount of foreign currency that he brought to purchase the property. If he makes a profit by selling and if that amount after being converted into foreign currency becomes higher than what he brought, the excess amount cannot be repatriated. That is the situation as of now.