A sweeping look at the Indian real estate market will reveal that it has increasingly become the centre of interest for NRI investors. The advent of major reforms such as GST and RERA some time back, opened up new doors for NRI investments in the property market in India. In fact, as per real estate experts, the prospects available to these investors seem to have improved in the recent months.
What Has Changed?
A fall in the value of rupee against dollar in the past months seems to be the major factor behind fuelling this change. This depreciation in the value of Indian currency has enabled the dollar-equipped Non-residential Indians, to invest their foreign capital across multiple real estate sites in India, and get better returns out of their investment.
The implementation of RERA and GST had initially brought in better transparency and more equitability for prospective buyers, especially NRI homebuyers and investors, who got to earn discounts from developers attempting to clear their unsold inventories. Hence, it is quite obvious that the recent development has further improved investment opportunities for NRIs in the Indian real estate market.
In addition to the above, other factors such as real estate developments meeting global standards and easy accessibility of home loans have also made Indian real estate a lucrative market for NRIs to invest in.
Other Important Things to Note in This Respect
* Demand for Variety of Residential Properties: With changing scenarios, developers had expected an increased demand for premium residential properties; however, this trend seems to have undergone some changes too. Bearing in mind the high returns that properties in India would fetch them in the long-run, NRI investors have expanded their point of interest. This is why they are diversifying their asset exposure.
* Top Cities Under Focus: Bigger cities such as Delhi or Chennai possess all amenities required for an enhanced and easy-going life. From good job prospects for the young professionals to availability of top-notch educational and healthcare institutes, they have it all. This therefore makes these cities the best markets for real estate investments. The freshly empowered investors seem to be utilizing this to their benefit quite well.
* Tax Saving Opportunities: Another factor that has encouraged NRIs to graze through real estate sites in India and make investments, is the opportunity to save on taxes. Like regular Indians, even NRIs can claim tax deduction on principle repayment and interest component of home loans.
The property market in India is growing exponentially, making the country one of the fastest growing economies in the South Asian region. And for all interested buyers, especially those making income in foreign currencies, now is the best time to buy property in India.