Indian realty reforms boost NRI investment sentiment
The year 2017 has ended on a high note for the Indian real estate sector with regulatory reforms renewing NRI confidence in the Indian property market. This boost in NRI interest can be attributed to various economic and realty regulatory reforms implemented by the Indian government beginning last quarter of 2016 and lasting through 2017. The introduction RERA, GST, demonetisation and Benami Transactions (Prohibition) Amendment Act have helped bridge the trust deficit between institutional investors and India’s private realty players. “Mid-2017 onwards, we are experiencing an investment revival among NRI’s from the migrating faction as well the sizeable permanent population looking at India for investment,” says Rahul Maroo, Sr Vice President and Head International Sales, Omkar Realtors. He adds, “In two low-ticket offerings in Mumbai-based developments, we have added 300 customers this year from GCC, Singapore and Hong Kong markets.”
Mumbai-based Omkar Realtors & Developers recently launched their RERA compliant project – Lawns & Beyond with 1/2/3-BHK units. The project located on the Western Express Highway of Andheri-Jogeshwari east corridor offers a record 30 plus amenities with an inventory of 1,200 plus apartments for Phase-I launch spanning 5-acre. The 65-acre project is planned to shape into Omkar International District (OID), a mixed-development, evolving into a major landmark for Mumbai.
According to Ashutosh Limaye, National Director-Research, JLL, “NRI’s consider four factors when investing in Indian property; minimum initial investment, high rental potential, developers with strong delivery record and RERA compliance.
While builders such as Omkar Realtors have received an overwhelming response from NRI’s, industry experts opine that the onus lies on private developers to create reform awareness among their audiences in 2018.”