NRI or the non-resident Indians have created the biggest real estate investment market in India. Most of the big buying properties in India where Indians cannot invest at all, NRIs are big time savers. They invest in these projects as investing in real estate is the best investment in today’s world. No matter how influential you are or how much money you have, after a certain point of time, buying property would be the toughest thing. Every single place is bought and turned into real estate projects by companies. Hence having some of these places bought previously will give you a good return with time. This is the reason that NRIs are so much keen on investing in real estate projects.
There’s a lot of problems!
But lots of problems are waiting for them on the edge of the deal. When someone is investing money into a project, they certainly look for a good return from this project. They invest money for a particular time and they want a good return within a said period. Now if the project they are investing in doesn’t get finished on time, their money gets stuck. In such odd situations, these people depend on the age old policy; getting away from the project. They simply do not want to invest anymore in the project and hence the project gets shelved or faces a big economic crisis! NRIs face such problems very often.
Delay is not allowed!
There is another big problem persists. The more time you hold onto a property, there are consequences that you need to face! As the buyer promised to buy the property once it is completely done, he made his investment. But after paying the money, sometimes it is seen that the project doesn’t start as per given time schedule or it doesn’t go as per schedule and hence the buyer needs to face a lot of consequences. He may have taken loan from other thinking that this investment would bring money into his way, but this delay changes the whole scenario and now the buyer needs to give back the loan to the lender!
What is RERA?
RERA or Real Estate Regulatory Act is the real estate regulation and development Act 2016 and it is there to help the NRIs from the situation and to save the country from lesser investment crisis. For a long time the buyers said that the law regarding the real estate construction is very much biased towards the builders. So most of the time the investors have to face problems. The builders increase the time and amount of the project as per their convenience and that is not worthy at all! The government was in a dilemma how to handle such situations and RERA is their ray of hope.
RERA; a good balance between builders and buyers
This new law is there to set a good balance between the buyers and the builders. The law is there to make sure that the builders should finish the project within the said time and there would be no delay in hand over the project to the buyers. In most of the cases, these project holders do not reply to the buyers and even they say they will inform once the project is done. But who has so many days in his hand? The buyer may have taken the money from market as a loan and he has to pay back the loan on time! But the builder doesn’t pay attention to their requests of further clarification. So here’s the law is available for the buyers now. Now the court will call the builder if anything happens beyond the line. Once the project starts, the builder needs to give all the information to the buyer at the first place.
Investors are all welcome
This law is welcoming sign for all the investors from UK, US, UAE and other parts of the world. Now every NRI living in any part of the world can invest in their country. India needs more investment from NRIs. They invest the money properly and there’s no complication in most of the cases and that’s why Indian parliament has decided that they would protect the interests of the NRI investors. With this small change in the laws of India, NRIs are now investing in plenty amount and hopefully that counts big in case of Indian economy growth.
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