NRIs in the UAE are often looking forward to investing in the Indian real estate market— a catalyst which works as a sense of belongingness for them. With a growing economy and robust governance, buying property in India is not just limited to the NRI investors as the market continues to extend to others as well.
Considered as a lucrative investment, the real estate industry in India has become more transparent in the last few years, thanks to the government’s Real Estate (Regulation and Development) Act, 2016. It is due to such a system, that India at present, is enjoying the highest quantum of infrastructure development the nation’s ever seen.
In this context, Jayesh Dave, Managing Director of Jayraj Builders says that the government’s recent emphasis on real estate sector with the announcement of about Rs 100 trillion investments is very likely to promote employment generation in the nation in the coming few years. Affordable housing schemes coupled with Bank’s cut-rate policies are big moves that will benefit both the home buyers and people employed in the real estate sector, he added.
In a recent Finance minister’s meeting with real estate developers, Jaxay Shah, Chairman of Credai said that the meeting indicates the sense of earnestness and urgency. Immediate and positive steps from the government will strengthen Prime Minister’s vision of “Housing for All by 2022”.
In the present scenario, usually, people look to invest in the apartments which also constitute amenities such as CCTV, a gym, pool and more. As per an estimate, about 50% of the NRIs were positive on buying 2BHKs, given its comfortable and compact size.
The recently announced Union Budget 2019 strongly emphasized upon the need of Housing for everyone, with an additional 1.5 lakh subvention, Indian developers have more to offer to the market, added Mr Jayesh Dave.
It is observed that NRIs usually have to pay a higher rate of interest as compared to an Indian resident. Therefore, they usually end up buying property in the name of a local resident. However, what matters at the end is a good credit history and high credit score as many banks insist on checking the credit report in both the country of residence and India.