Big Force! How Modi 2.0’s clarity on GST, RERA revived NRIs’ interest in Indian realty
On increased transparency and clarity post implementation of RERA (Real Estate Regulation Act) and GST (Goods and Services Tax), the NRIs have started to show interest in investing in Indian real estate. The industry insiders are of the opinion that rise in housing sales have also helped Indian real estate to win the faith of the NRIs as timely project completion is one of the prime focus are of NRIs.
Elaborating upon the reason for NRIs faith into the Indian real estate market Rakesh Yadav, CMD, Antriksh India Group said, “What an investor want is a return of his or her money with better possible appreciation in its investments. As the housing sales in Indian real estate have registered robust growth leading to declining in the unsold inventories, NRIs are bound to get attracted with the higher chances of return of their investment.” He said that a developer would be able to return the money with the interest assured to an NRIs or any investor only when the project is a successful venture and sales has a major role in it. “I would give major credit to the rise in sales that led to a rise in positive sentiments of the NRIs in the Indian real estate market,” concluded Rakesh Yadav of Antriksh Group.
Speaking on the development in Indian real estate Gaurav Sawhney, President — Sales and Marketing at Piramal Realty said, “We have witnessed an increase in confidence among the NRI homebuyers, owing to increased transparency and clarity post implementation of RERA and GST. This was followed by the stability in prices and reduction of GST on under construction residential projects over the last few quarters. At Piramal Realty, most of our projects have witnessed good traction from NRI’s who like to invest in quality development and believe in homes as a space to grow.”
As per ANAROCK consumer sentiment survey, for 31 per cent NRIs, Bangalore was the most preferred city for investment.