You can set up a company and have that company buy a property in India however it has to be a working office with a physical address which employs staff and pays taxes.

The solution of a "virtual office" which only trades in property is being cracked down on and can lead to some serious complications so I wouldn't suggest it. While it was acceptable even only a couple of months ago, recently it's become problematic.

In the end after testing the water for a while, we pulled out of India until the legislation changes. Once it does, I'm sure it'll be a great market.

__________________
Yes, I work for a Real Estate company doing market research and analysis but I'm not involved in sales.

Have a nice day