nri investment in real estate

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on NRIs Impact Of Real Estate Developments On
NRIs In News
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The Indian economy is looking towards the upward
trend and is poised to become better investment
destinations going forward. The realty sector is
the biggest contributors to the growing economy
but it has lately been experiencing some downs
and ups. The non-resident Indian segment, the
biggest customer base for the Indian realty
sector, has been troubled with the concerns like
lack of transparency, execution and delivery
delays, disappointing after- sales services,
property quality, complex legal routes,
misleading campaigns, etc. But, over last 6
months or so, the scenario seems to actually have
changed, all thanks to the introduction of the
Real Estate Regulatory Act. The non-resident
Indians have numerous reasons to invest in the
real estate sector and the experts and developers
do believe that the future certainly looks
promising. Real Estate Regulatory Act- boosting
the con?dence of NRI Real Estate Regulations Act
came into effect with 59 of 92 sections which are
noti?ed from May 1st, 2016 while other sections
and provisions came into effect from May 1st,
2017. The non-resident Indians for long have
been prime investors in real estate until the
things got too complex and made it pretty di?cult
for them to buy and maintain the properties.
Here, it is that the Real Estate Regulations Act
comes in as the savior giving much-needed relief
for the non- resident Indian investing in
properties. There are reported 16 million
non-resident Indians and as per certain surveys,
more than 40 percent of the non-resident Indians
said that buying properties was their preferred
investment. This goes only to show the intent, as
well as the enthusiasm of the non-resident
Indians, provided there is the promise of support
and the advantage and this is where the Real
Estate Regulations Act comes into play. Actually,
the act covers as well as addressing numerous
non-resident Indians concerns and the experts
believe that it will boost the con?dence of the
non-resident Indians for further investment into
the real estate sector. Also, RERA provides
clarity as well as the purpose of hugely
unregulated realty sector where the developers
have had the upper hand. The act has been put in
place to make sure of the protection to the
property buyers at large and that, of course,
includes the non-resident Indians. Advantages
through RERA- Transparency The biggest bene?t of
the act is that the developer or builder will
have to register the project with the regulatory
body and will require providing all details of
the project on the website. This would allow the
non-resident India to have a clear idea of what
they are actually investing into. Avoids
delivery delay The act makes sure that the
developers are serious about delivery and they
dont overshoot the deadline. In the past,
non-resident Indians have been subjected to the
project delays as of which they had experienced
substantial losses. Real Estate Regulations Act
makes sure that the project is delivered on the
tie as it certainly penalizes the developers on
the delay. Arrests misleading campaigns The
developers who have at times ?aunted with the
rules and mislead the buyers about property
details can no longer do so as each detail
concerning the project is submitted to the
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regulatory body as well as made available on the
website. Status and progress The developers are
needed to constantly give the status of the
project and its progress. The non-resident
Indians who have the di?culty of traveling to the
site get the job done through Real Estate
Regulatory Act which mandates the developers to
post the information on the progress of the
project. Accountability The rules mandate that
the developers place aside 70 of complete
project cost in the escrow accounts. This makes
sure that the money that is collected from the
non-resident Indian is used for development of
project ad not diverted towards any other
purpose. Previously, some of the developers to
take the advantage of the buyer investments as
well as channeled similar into other areas but
with RERA, their hands are actually tied
up. Villas on the radar Due to higher earning and
saving capacities, many of the non-resident
Indians have shown some keen interest in the
luxury properties as well as villas. In fact, the
reports do suggest that non-resident Indians are
among top buyers of villas and luxury homes in
India. Numerous top developers across the
country have made a foray into the villas. As the
income level grows, the non-resident Indians
focus on the villas as well as luxury apartments
is set to increase and with the Real Estate
Regulatory Act in the play, it is being believed
by the experts that scope and demand for villas
are slated to grow in coming years. Non-resident
Indians for years have been playing the prime
role as the investors in realty sector but at
the same tie, they are subjected to numerous
concerns which lead to the decrease of faith and
con?dence in the sector. The recent developments,
RERA in particular, have made sure that
non-resident Indians as buyers have many concerns
addressed. The real estate sector is set to see
some higher level of non-resident Indians
investments thanks hugely to a clear,
accountable, transparent and more professionally
dealt realty purchase process post the Real
Estate Regulatory Act. It is now safe to say that
developments have actually begun to have a
positive effect on the non-resident Indian
segment.
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