The Non-Resident Indians popularly known as the NRIs have again started taking the Indian property market seriously. Here the word again is used to remind you that the new reforms and property prices shoot up were the few reasons that made the NRIs hesitant to invest in the Indian Real Estate for the past sometime. But, now the situation has altered as these people are willing to invest back here as India is their home and the implementation of new rules is making them confident enough to put money in the property market here. So, below we are listing the main reasons that intend maximum investments from the NRIs here in India:
The property market of Delhi-NCR is witnessing a boost from the past some time and the biggest reason for this positive move is affordable housing. In fact, the factors like economic and social conditions play a pivotal role in conversion of the prospects into property owners. Apart from these issues, the recently introduced Affordable Housing scheme is offering new dimensions to the real estate sector of the national capital city and its surrounding areas. This policy has not only creating positive vibes for the real estate sector but is also proving beneficial for the infrastructural development.
The dream of being a property owner has become easier for almost every aspiring home buyer in India. The top reasons for realization of this dream are the unveiling of Pradhan Mantri Aawas Yojna [PMAY] Scheme that offers subsidy to the home buyers up to a limit and under certain conditions. Then the formation of Real Estate Regulatory Authority Act also known as the RERA Act.
This law started its full-fledged working from 01st May 2017. The guidelines of this Act help the home buyers in each aspect of the home buying procedure. The fool-proof working of the RERA Act leaves no loopholes from where the developer/builder can escape after selling a property via wrong ethics. A home buyer can keep his money and property safe by opting for a property purchase in the project registered under the RERA Act of that particular State.
Implemented by Government of India on May 1, 2017, RERA or The Real Estate (Regulation and Development) Act is one of the most important measures which was enforced to boost investments in the real estate industry and to safeguard the rights of Home-buyers. The act also led to speedy property related redressal. The act first came into force on May 1, 2016, but with half provisions. However, remaining provisions came into force on 1 May 2017.
As the act is about to complete its first year on May 1, 2018; we bring to you the complete report card of its implementation and how it gave a big relief to home buyers:
The property market in India has seen a major turnaround in the recent times. In fact, the introduction of RERA [Regulation and Development Act] 2016 has transformed the atrocity of builders into the compassionate realtors. Thus, the real estate market is likely to come back on track in the year 2018.
This is a happy beginning for both, the buyers as well as for the realtors. This year is predicted to be an eventful period in the history of Indian real estate sector. There are multiple reasons that indicate good times for the Indian property market.