India's Rera steps in to safeguard NRI realty investors

Dubai - 'Middle East always a lucrative market for home buyers, potential investors'

India's Real Estate Regulator Bill, or Rera, which became an act from May 1, will shape up the country's real estate industry and help protect the interests of home buyers especially from based in Middle East and Gulf region, experts say.
About three million Indian expats in the Middle East and Gulf are to be credited for their highest contribution to India's foreign revenue in terms of a major share in $70 billion remittances.
"The Middle East is always a lucrative market for home buyers and potential investors. If tapped rightly, there is a huge potential to harness from the Gulf countries," Suresh Krishnan, managing director of Isha Homes and president of Credai Chennai, said.
With the rupee falling, he said real estate has been an attractive investment option for NRIs. "Even if the market is high or low, many NRIs like to have a place back in India. The RBI's regulations are fairly easy as well and you do not have to take any prior permission from the authorities."
Many Indian real estate developers have already set up their offices in Saudi Arabia, the UAE and Qatar to cater to the demand for real estate within the Indian community. Regular property expos where the builders showcase their offerings as investment tools to NRIs are becoming very popular.
"The improved bill is likely to make the sector receive more funds from foreign investors and also more investments from NRIs. The bill ensures the protection of consumer's interests and protects them from fraud. This will impart a lot of confidence to NRIs to invest and will help them make much better and quick decisions. With the bill in place, the execution of projects will be on time, which will be a big relief for NRIs," said R. Srividya, general manager of corporate sales and brand engagement at Indian Property Show, Sumansa Exhibitions.
- muzaffarrizvi@khaleejtimes.com