Can one NRI sell land in India to another NRI?

you can do it but you have to still pay indian IT.

Can this deal be executed without bringing sale consideration in India? As both the parties are residing outside India, they wish to settle monetary consideration out of India.

 Ans. Yes, they can settle monetary consideration out of India, but since the income arises on the sale of land situated in India it is considered as Indian income and taxable as capital gains.

What will be the legal procedure to complete this deal?

If the vendors or vendees cannot attend personally for the purpose of registration, they have to execute a SPA in favour of their relative/friend to carry out the deed.

Since the value of the transaction is high, the SR may not allow and refuse to register the property since the vendor/vendee do not hold valid PAN. So you may require to apply for the PAN.

The SPA needs to be adjudicated before the DR under whose jurisdiction the vendor lives by paying the requisite stamp duty.

Agreed with Mr. Vishal.