Yes, The BO /PO of a foreign entity, excluding an LO, is permitted to acquire property for their use and to carry out permitted/incidental activities but not for leasing or renting out the property. However, entities from Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran, Nepal, Bhutan, China, Hong Kong, and Macau require prior approval of the Reserve Bank to acquire immovable property in India for a BO/PO. Bos/Los/POs have general permission to carry out permitted/ incidental activities from leased property subject to the lease period, not exceeding five years.