Indian continent has always been an ideal mode of investment in real estate, for the NRIs. But, with changes in law and order, the situation has been a hurdle race for them. In this concern, RERA impacts property buying for NRIs in India. With the implementation of RERA (Real Estate Regulatory Act), the faith of NRIs has been restored in the Indian property market. Earlier, the NRI investors used to use to complain that they are not made aware of the actual factors associated with a particular property. Either there are hidden costs involved or there has been a delay in the ownership of the property purchased. These issues affected the growth graph of the Indian property market.
Now that the RERA is in practice, the NRIs are gaining faith towards buying property in India. In the post-RERA period, the scenario has become clearer with detailed information about the property provided to its buyer. Right from the layout plan to government approvals, the status of land title, details of intermediaries or contractors, schedule of completion, payment plans and even regular updates of the property booked. With all these details kept in place, an NRI investor can have a proper understanding of the on-going situation of the property purchased. It is quite evident that RERA impacted property buying for NRIs in a favorable manner.
Bringing a smile on the face of NRIs and clearing the clouds between a buyer and seller, the RERA has managed to implement that builders are eligible to pay interest on the property cost to the buyer because of the delay in handing over the property. Further to this, the builders are required to specify exact area details to the buyer and no hidden costs should be there. In this manner, the RERA added to the growth of the Indian property market. Each and every aspect associated with the property has to be revealed methodically for maintaining transparency.
India has always attracted NRIs for buying properties as a way of planning to come back on need. But, it was unjust practices in dealing with the builders that they stopped investing. Though, they happen to get excellent value against the dollars or euros or pounds spent; still, the time after RERA has become a sigh of relief for both. It is because the implemented regulations have managed to clear the path and sweep away obstacles coming in the way of establishing cordial business connections.