The Indian property market has always been an interesting place for the real estate investors. Non-resident Indians (NRIs) find the market affordable, attractive and profitable. However, there has always been a concern among overseas property buyers regarding transparency of transactions taking place in India. To make Indian reality market more reliable and profitable, in 2016, several key policy changes were made like the Real Estate Act, GST, and the Benami Transaction Act.
A gradual transformation in Indian real estate sector
A huge trust deficit issue has affected the investment in the country; to cope up with the government announced many schemes and new regulations. The factors that keep good businesses houses and international investors away from Indian market will now be taken care of by the changed policies. New policies announced in 2016 have attracted the attention of leading business houses and NRI investors to India.
Reasons why NRI buyers should invest in Indian real estate in 2017:
Ready possession properties: First of all, there are many ready possession properties at a prime location like Mumbai, Bangalore and Delhi NCR. International real estate agents looking for luxury properties for clients can easily find the right match for their requirements.
Fastest growing economies in the world:
There is no doubt that with the improvement in the economic conditions, India is going to maintain its position among the fastest-growing economies in the world, with real estate being one of the major contributors.
Easy purchase process: Policies like Goods & Service Tax, Real Estate Investment Trusts, Benami Act etc. are expected to make buying property in India more transparent and hassle free. The buyers will also get benefited from the relaxation of laws by the Reserve Bank of India for NRIs.
Lenient policies: Apart from the relaxation of laws, lenient FEMA policies are also expected to boost participation of NRIs in Indian real estate market.
PNC Menon, chairman-emeritus of Sobha Ltd. while speaking about Indian real estate market said that it has matured to a point where NRIs can without hesitation invest in several products, across the luxury segments.
He further added, “With tighter regulations, greater transparency, more affordability, and enhanced price stability, NRIs will find interesting investment opportunities, as long as they have a long-term view and are discerning about which project to invest in. India is a huge market with over 1.2 billion people and an emerging economy on a global front.”
International real estate expos
To attract the attention of international property buyers towards luxury projects in India, different real estate developers and other groups like IREX organize property expo. Leading developers, builders, and interested buyers come together at the international real estate expo to share their common interest and make real estate investment easy.
IREX is one of the international property expos that are organized every year in India. Leading builders from India and other countries participate in the real estate exhibition to showcase their luxury projects to the interested buyers who want to own property overseas.
Industry experts believe that 2017 is going to be a great year for international investors looking for luxury and affordable projects in India.