RERA Act which was passed by our India Parliament so as to protect the interest of the home buy...
Rera Act is expected to bring revolution in the Indian real estate market. Earlier, the Real estate market was only regulated under local state laws. RERA will bring a great impact due to the compulsory registration of all levels. RERA is expected to bring a positive impact on the NRI real-estate investor in India. In this article we described about Impact of RERA on NRI Investing in India.
The Real Estate Market in India has seen a steady rise over the years. However, instances of project delays and rising overhead costs have called for stringent measures to ensure that a governing mechanism is established to avoid loopholes in the industry. The anxiety related to the nature of a business, with its lack of information and scientific process of due diligence, a question had arrived for NRIs that whether they should invest in India?
Thus to boost investments in the real estate sector and to protect home buyers, the Real Estate (Regulation and Development) Act, 2016 was passed in the Parliament, which has led to the formation of the Real Estate Regulatory Authority (RERA). Under this, all real estate projects in each state and union territory will be monitored by the respective governing authorities thus ensuring much-needed transparency by providing various safety norms to the NRI investors.
RERA Registration for all type of real estate business is all set to transform the realty sector and hence the consumers/investors will have a good time investing in a rich market like India which is having healthy norms and making the system more reliable, thereby ensuring greater transparency for NRI’s to invest in India. Thus NRI can invest in India without any fear as RERA has been enforced in India.
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Also, Read: RERA Provisions for On-going Projects in India.