By Accommodation Times News Services
Indian real estate is gaining ground among expats and they are investing in Indian properties UAE has become the hub for Indians living there. Majority of NRIs living in UAE prefer to buy Indian property as an investment and for personal use. Formerly Mumbai and Bangalore were favourite destination to purchase properties in India, but now more cities are attracting the UAE based NRI’s, because they foresee lucrative returns for their investments. While Mumbai, Bangalore and Pune are still the most popular cities for NRI investments, investors are also showing interest in cities like Chennai and Hyderabad where there are higher chances of capital appreciation. Property buyers in Dubai are also eyeing smaller cities like Lucknow, Dehradun, Ahmedabad and Chandigarh. In the meantime the government of India has passed a revolutionary bill- Real Estate Regulatory Act (RERA) 2016. The Act seeks to create a set of rights and obligations for both the consumers and developers and encourage both of them to live up to the expectations of each other as per the agreement entered into by both of them. According to RERA, the developers need to specify the projects details of such apartments so that prospective buyers will make informed choices, project status is known to all and to ensure that the projects are completed on time. The act also provides under clause 32 (b) for The Real Estate Regulatory Authority (RERA) to cater up with appropriate state government competent authority, the creation of single window system for ensuring time bound project approval and clearance for timely completion of project promoters to register their projects with the regulatory authorities disclosing project information including details of promoter including schedule of implementation layout plan, land status, status of approval, agreement along with details of real estate agents, contractors, architects, structural engineers etc. The Act will bring much needed transparency in the building construction industry. The builders will also have to upload their passed building plans on the govt. site on computer, to bring maximum transparency. This is the maximum safeguard to NRI property purchasers in India.