Budget 2024 Expectations: Policies and reforms needed to boost NRI investments in Indian real estate
Indian real estate has become a lucrative investment destination for NRIs. The high demand for real estate among the NRI community has grown significantly in the last 4-5 years due to various factors. These factors include India’s growth outlook, the boom in the Indian real estate market, the perception and confidence in real estate as a stable asset class, fluctuations of the USD against INR, and the sentimental value attached to the homeland.
The interest of NRIs in Indian real estate presents a significant opportunity for the real estate industry to capitalize on and can serve as a major catalyst for the Indian economy. Here are some policies and reforms that could enhance NRI investments in India.
What’s Driving the Growth?
The introduction of RERA has played a crucial role in rebuilding trust in the real estate sector, particularly among NRIs. In addition to RERA, other policies and reforms such as the Foreign Exchange Management Act (FEMA), the simplification of UPI to facilitate seamless financial transactions for non-resident buyers, and favorable tax reforms have contributed to a growing interest among NRIs to invest in India. These changes, along with REITs, F&O as recent trends, have significantly enhanced transparency, accountability, and accessibility, making investments in Indian properties more appealing for NRIs and thus gaining their confidence.
Scope of Improvisation
India's real estate sector offers a promising opportunity for NRI investments. This is complemented by progressive policies,
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