RERA restores NRI’s confidence
After years of indecisiveness, the implementation of MahaRERA has helped Qatar-based Shibu and Josy Thomas make up their mind to invest in a realty project in Baner.
With Josy’s parents from Pune, the couple have been looking to invest in a project here for the last few years. “We always wanted a home in the city, our birthplace. We will finally have an investment in the realty sector and can do it with confidence,” Josy said.
Another US-based couple, who did not wish to be named, said they have asked their relatives to look for investment in the real estate segment here. “My sister-in-law, who would hesitate to invest in Pune till the other day, has asked us to be on the look out for RERA-registered projects,” said M Rao, whose brother and sister-in-law are in the US.
Non-resident Indians have been traditionally attracted to investments in the real estate sector because of currency exchange rate and easy laws for investments by NRIs under the Foreign Exchange Management Act. These potential buyers appear to have become all the more confident to invest in the post-RERA days.
Credai-Maharashtra president Shantilal Kataria said they were getting online inquiries NRIs and their exhibition in the coming month is a proof that the buyers were more confident of investing in the sector with RERA in place. “We are not hesitating to reach out to them,” he said.
Earlier, the lack of transparency in the realty sector, delay in execution of projects, no update from builders, misleading marketing strategies and the absence of accountability were some of the fears expressed by NRIs . Kataria said RERA took care of most of these issues.