Prime real estate developers from across India are taking part in a real estate show here which is being labeled as a "perfect opportunity" for NRIs living in the UAE to invest post-demonetisation. The three-day show is playing host to prominent developers across India with thousands of different properties covering from apartments, villas, row houses, plots, commercial to retail properties to befit their budget.
"For NRIs living in the UAE, the India property Show is more than just a real-estate exhibition," stated R Srividya, General Manager Corporate Sales and Brand Engagement, Indian Property Show at Sumansa Exhibitions. "It is an excellent opportunity to meet base with the latest events and updates on the real-estate front back home especially now that we are observing several critical areas that have impacted the real estate in India, directly and indirectly, he told.
"For NRIs, these changes herald good omen since many builders are already adopting 100 per cent transparency policy and cheque payments, which naturally boosts the trust level between the two bodies, Srividya added. "The implementation of Real Estate Regulation Act 2016 rules, have also been active in bringing professionalism, standardization, and transparency in the real-estate industry. This, along with the current wave of demonetisation has helped the Indian property industry emerge more transparent and buyer-friendly," he said.
Notwithstanding initial hiccups, specialists foresee an uplift of the real-estate sector in the long-term as a result of these corrective measures. Consumer sentiment has already developed over the last year, and prominent developers are reporting higher transactions. With RERA Bill in section, in particular, NRI customers will no longer have to deal with delayed possession, fluctuating rates and diversion of funds towards other projects - to name a few - instilling faith in the Indian developers and the country's real-estate industry.
"The direct and most significant benefit of demonetisation is increased liquidity across the banks. Such availability of funds will lead to reducing the rate of interest on different loans which will, in turn, decrease EMI giving a boost to property demand. We anticipate home loan rates to be down to approx. 7-8 percent," said Dharmesh Shah, Vice President-Head Residential Sales and Marketing, Adani Realty. "By bringing greater compliance, RERA will help to make the real-estate class more efficient, transparent and healthy than any other asset class, so the best time to purchase property in India is now," Shah added. "The passing of Real Estate Regulatory Act, the Benami Transactions Act and the demonetisation move will ensure the industry loses much of its historical taint. Only players who conduct their business with honesty are expected to bear.
"This bodes well for consumers, who will be aware of their rights and have the assurance of not being cheated. They will be able to purchase properties of their choice at affordable rates, in projects which will undoubtedly be given on time," he said.