Impact Of RERA On NRI Investment In Indian Real Estate Market

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Impact Of RERA On NRI Investment In Indian Real
Estate Market
Jan 2018
IMPACT OF RERA ON NRI INVESTMENT IN INDIAN REAL
ESTATE
In Green Homes
The Indian real estate market has been pretty
attractive for the non-resident Indians who are
keen to have the roots in the home country.
Reasons for non-resident Indian investments could
vary right from upgrading the family home to
offer a better lifestyle to parents to have
signature property to come back to.
To address whether the present spate of reforms
would actually have a positive impact on
non-resident Indian's essential to understand
what the typical corners of the non-resident
Indian investing in India.
Till now, the common concerns of non-resident
Indians investing in India have been somewhat
opaque nature of the business, no concept of
standardized due diligence, lack of information,
completion of projects and untimely delivery of
projects with no legal or tedious recourse for
home buyers. Especially for non-resident Indians
the cumbersome nature of the follow-ups with the
builders where the projects were not finished was
huge demotivation to invest in their home in
India. Now, the question is whether non-resident
Indians can be confident much more in making the
investment decision with the policy changes like
Goods and Services Act and Real Estate Regulation
and Development Act to Indian real estate in
2017. The government has hugely addressed most of
above concerns by key policy changes that are
introduced in 2016, namely Real Estate Regulation
Act, Benami Transaction Act and Goods and
Services Tax. Real estate regulation and
development Act 2016 will make sure that the
regulations in this hugely unregulated market.
The buyers will be protected as well as greater
transparency in the sector will be visible. RERA
will someone put accountability on the builders
in the terms of timely development, financial
disclosure of projects as well as maintaining
good corporate governance of practices. The Goods
and Services Tax us single-biggest tax reforms to
be introduced in India. It aims at eliminating
the differences in the indirect taxes that are
applicable across several states. The realty
sector stands to advantage from the fact that
Goods and Services Act would give clarity on the
tax-credits for the re-transactions as well as
the allowance of the input credit that would
reduce the property rates. Benami Transactions
Prohibition Act provides an effective regime for
the prohibition of the Benami transactions. The
amended law basically empowers the specified
authorities to attach the Benami properties which
can be confiscated. Also, if the person is found
guilty of the offence of the Benami transaction
by competent court, shall be punishable with the
rigorous imprisonment for the term which is not
less than a year but which may extend to 7 years
and shall be liable to fine which may extend to
25 of fair market value of property. The
introduction of Real Estate Investment Trust will
have a huge positive impact on the Real Estate
Sector. Real Estate Investment Trusts open up the
platform that allows investors those with the
lesser budgets to make safe investments into the
Indian realty market. The best thing about Real
Estate Investment T rust is that the investors
can begin with a small sum of Rs 2 lakh to secure
the units in exchange.
n g
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