The cash-rich non-resident Indians has now become more confident while investing in real estate. With the Narendra Modi Government stating a number of positive clauses for them and giving their confidence a significant make over, investment in the residential real estate market has increased to great extent.
Compared to the statistics of last few years, the purchase of residential properties by non-residential Indians has actually experienced a significant hike all over the country. A report by Square Yards, a real estate transaction platform, states a surge of minimum $ 5 billion investments in last five years.
Especially, with the new change and clauses infused by the Narendra Modi Government, NRIs have gained a new aura of poise and self-belief which has left a direct impact on the Indian economy.
With more than 20% of NRI outlay coming from USA, UAE, Singapore, Canada UK and Australia, the depreciating status of Indian currency against Dollar, pounds and other legal tenders, has imparted more significance to the cash inflow in Indian realty.
According to a number of surveys, the first three months of a year generally happen to witness noticeable flow in NRI investments. The vacations in Europe and America trigger most of the NRIs in visiting their native land and conducting site visits in due course. Especially, after the ban on the big currency notes by Modi Government in late 2016 and the announcement of RERA coming in by 1st May 2017, Indian real estate market has actually seen a significant growth with a considerable amount of NRI investments. This way, Indian real estate is expected to herald a new aura of transparency and precision, thereby exerting a pull on the domestic as well as international investments.
However, the NRIs don’t have to meet with any legal formality, as they are free to put in their money in any immovable property within the precinct of the country. Provided, they have complied with all the necessary registration formalities, they can easily avoid the irksome legal snares.
Also, the inclusion of an end number of advanced technological tools is also anticipated to play an important role in educating the NRIs about the properties in India, thus increasing the number of investments to a great degree.