Impact of RERA on NRI investors and Indian Realty sector
Property in India’s real estate market has certainly seen tougher times since the formation of government in the center years back. But, now, the realty market has reasons to smile as actions taken by the government are affecting the home buyers in a positive manner.
After offering the relief to common for buying the property through the introduction of the Real Estate Regulation Act in the year 2016, the government also opened the door for NRI investment in the realty sector. Previously, Non-resident Indians use to actually think twice before investing in the property market in India market due to various reasons.
But, a new guideline for the property market that basically includes Real Estate Regulation Act, Goods, and Services Act, and Benami Transactions Prohibition has brought transparency in the sector at large. Thus, Non-resident India feels secure while making property investment here in India.
RERA act has actually encouraged numerous non-residents Indian to own properties here as these people require not running behind developers to get timely possession of the home.
Secondly, availability of precise property related information online as well as property ownership in due time grow the faith of non-resident Indian investors in Indian realty market.
Thirdly, the downfall of rates in realty sector has grabbed numerous eyeballs of the non-resident Indians. The property developers have actually come up with enticing offers on commercial and residential projects. This offers Non-resident India’s a chance to purchase property here in the country.
The support of Benami Property Act also restricts the incoming of the black money in the country through the realty sector. Thus, non-resident Indians prefer investing in the real estate market to get the deduction of taxes and feel happy to have the land piece in their name in the home country.
The RERA act has, of course, become the reason for increasing the NRI investment in the real estate sector.