Non-resident Indians (NRIs) can get maximum discount on a property if they book units during the project’s pre-launch stage, but they do need to conduct due diligence before investing in any property, according to a JLL expert.
“NRI investors looking for discounts could book in the pre-launch stage of a project to get competitive prices. Due diligence is important for end-users, and even more so in the case of investors looking at upcoming or peripheral locations around the big cities,” Ashwinder Raj Singh, CEO - Residential Services, JLL India, said.
The three-day Indian Property Show commenced on Thursday at Dubai World Trade Centre. The biannual event will feature properties ranging from Rs1.2 million to Rs230 million with participation from over 150 developers.
Singh advises NRI investors to opt only for reputed developers, unless they can actually come down to India and look at projects in different areas of their preferred cities.
The real estate market is expected to grow at 30 per cent over the next decade across the housing, retail, hospitality and commercial verticals.
“The market size is expected to touch $180 billion by 2020”, said Singh.
Sunil Jaiswal, President, Sumansa Exhibitions, organizers of IPS, said: “The weaker rupee and the recent approval of the real estate regulation bill 2013 are expected to renew the NRI interests further and propel the real estate investments. The Bill is a pioneering initiative to protect the interest of consumers, to promote fair play in real estate transactions and to ensure timely execution of projects.”
India will set up real estate regulators similar to Dubai’s Real Estate Regulatory Agency which will overlook the activity and frame guidelines for the sector.
In May 2015, a survey by Sumansa revealed that 72 per cent of NRIs were planning to buy a property in India within next six months with Mumbai and Bengaluru being the favourite investment destinations.
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