The Indian property market has seen tough times since the formation of Narendra Modi-led NDA Government in Centre four years back. But, now the real estate market has reasons to smile as the actions taken by this Government are affecting homer buyers in a positive manner.
After offering relief to the common man for buying property through the introduction of Real Estate Regulation Act [RERA] in the year 2016 the Government also opened door for more NRI investment in the real estate sector. Earlier, the Non-Resident Indians [NRIs] use to think twice before investing in the Indian property market due to various reasons.
But, the new guidelines for the property market that includes RERA Act, Benami Transactions Prohibition Act, and the Goods & Services Tax also known as GST has brought transparency in this sector at large. Thus, the NRIs feel more secure while making a property investment here in India.
The RERA Act has encouraged many Non-Resident Indians to own property here as now these people need not to run behind the builders to get the timely possession of their home.
Secondly, the availability of accurate property related information online and property ownership in the due time increase the faith of NRI investors in the Indian real estate market.
Thirdly, the downfall of prices in the reality sector has grabbed many eyeballs of the NRIs. The property developers have come up with various enticing offers on residential and commercial projects. This offers the NRIs a chance to buy property here in the country.
Also the support of Benami property Act restricts the incoming of black money in the country via the real estate sector. Thus, the Non Resident Indians prefer investing in this property market to get tax deduction and also feel happy to have a piece of land on their name in their home country.
On a whole, the RERA Act has become a reason for an increase in NRIs Investment in the real estate sector.