The Indian real estate sector was unnecessarily unregulated until recently. Many laws for an orderly flow of business in the real estate sector were created over time, but none were followed. Following the trend of enticing NRI property purchasers, Indian developers periodically presented numerous tempting incentives to increase sales of their Indian projects overseas. Most of these incentives and freebies were forgotten or deliberately refused by the developers after the successful completion of NRI sales for various reasons. The promise of on-time ownership, premium facilities, and more have frequently proven to be a ruse. Finally, what NRI purchasers receive from the developer is an endless supply of reasons for project delays, inaccurate information about project completion, the builder's incompetence, and letters from home loan providers/banks about pending Pre-Emi payments owed to the developer.
Many NRIs have squandered their hard-earned money speculating to make a large profit as a result of this chaotic fact of the realty sector. These demotivating elements perplexed NRI real estate purchasers and drove them away from the Indian real estate market.
RERA has, unsurprisingly, revolutionized the Indian real estate sector. It has made it mandatory for real estate projects and agents to be registered. It also guarantees that the purchasers' interests are safeguarded and that they receive the full value for their money and time.
The benefits of RERA for NRIs interested in investing in India's real estate market.
1. Under RERA, real estate developments in each city will be regulated by the state's Real Estate Regulatory Authority, promoting more transparency and providing purchasers with safety standards.
2. Due to the existence of RERA, an investment in the Indian real estate market would yield consistent rental returns as well as property appreciation.
3. The RERA was drafted with numerous existing regulations and policies in mind, allowing NRIs to invest in India to the fullest extent possible.
4. RERA has streamlined the purchase procedure, making it easier for buyers to complete deals and take advantage of home loan perks.
Finally, the Indian government's current reforms have increased the profitability of the real estate sector, which is regaining favor in the worldwide market.
Furthermore, we urge property purchasers, especially NRIs, to purchase only RERA-registered homes in India to avoid the hassles. And with INFRAMANTRA you can never go wrong.