Property in fact lacking in India (6)
I believe the answer is:
realty
'property' is the definition.
(I know that realty is a type of property)
'fact lacking in india' is the wordplay.
'fact' becomes 'reality' (I've seen this before).
'lacking in' indicates named letters should be taken away.
'india' becomes 'i' (phonetic alphabet: alpha, bravo, charlie etc.).
'reality' with 'i' taken out is 'REALTY'.
'in' is the link.
(Other definitions for realty that I've seen before include "Immovable property" , "American real estate" , "Property legally" , "Lyrate (anag.)" , "Property ownership in the US" .)