iPhone | iPad
Android
Huawei
From workplace to money matters, know what the stars have in store for you today
KT APPDOWNLOAD
Mumbai-based Roha Realty to enter UAE market
Indian real estate market value to reach $1trillion by 2030.
Harshvardhan Tibrewala.
India’s real estate sector, the second largest employer after agriculture, is set to a new level of growth due to the sound regulatory environment that has eliminated unreliable developers and brokers, a top industry official told Khaleej Times.
“Strong regulations and oversight under the Real Estate (Regulation and Development) Act (RERA) has eliminated the wrong players from the real estate market that is now clean and we are seeing a strong upturn in selling activities,” Harshvardhan Tibrewala, Managing Director of Roha Realty, said in an exclusive interview.
“The market is well regulated and the investors’ money is under the RERA watch in the escrow accounts. So, there is a renewed trust factor that is firmly in place. Non-Resident Indians (NRIs) can now invest in properties safely. However, they need to look at a few things – such as, location, price, quality and the developer’s credentials.”
The real estate sector in India is expected to reach $1 trillion in market value by 2030, up from$200 billion in 2021 and contribute 13 percent to the country’s GDP by 2025, according to India Brand Equity Foundation (IBEF).
Tibrewala is in Dubai to set up his company’s first overseas office to tap the local market for the NRIs. His team is meeting the UAE-based real estate brokers for securing home buyers. He says, the developers’ credibility in ensuring timely delivery of projects and on quality will dictate the success and failure of a developer, going forward.
A mid-size real estate developer in Mumbai, India, Roha Realty has already been named as the Most Promising and Trusted Developer, Mumbai’ at the Business Titans Awards held in Dubai.
“We do plan to enter Dubai and other international markets for real estate and as a group we have presence in 45 countries,” said Tibrewala.”
Roha Realty has already delivered eight residential projects while a further nine projects are currently at various stages of development. These belong to all the market segments to cater to different budgets.
“NRIs should look into the market to invest. The INR to US$ rate makes the investment more lucrative as you can buy more home space per US$ spent on a home. Besides the rental income between 3-4 percent, an investor could cash in three times the value of the asset in 6-8 years, if invest now. For the next ten years at least, India will rank first in terms of industrialisation. Post Covid-19 lot of countries want to shift their operations to India and if Industries come real estate market has to perform well,” concluded Tibrewala.
business@khaleejtimes.com
More news from
A foreign ministry spokesman says the first time such a message had been shared on its English-language social media account
The Russian foreign minister says the conflict will be resolved on the battlefield if Kyiv and the West stuck to that stance
He was staying in the country illegally for more than nine years
Earlier today the UAE President posted a heartwarming reel showcasing the two countries' brotherhood
F1 leader returns to dominant form after his record run of 10 consecutive victories was ended in Singapore
Delayed a year due to China's measures to combat the COVID-19 pandemic, Asia's biggest sporting spectacle will be one of the country's most prestigious events in more than a decade
RTA and Hipa announce third edition of mobile photography competition