Real estate sector attracts investment by NRIs which is set to further gain in the coming years as transparency shall be the new in thing in the area with the implementation of RERA. Many of the NRIs who want to invest in Indian property market be it residential or commercial space don't materialize their chosen deal due to various concerns such as absence of any legal body to approach to in case of any dispute, no post sale services, project delays.
Nonetheless for some of you who are residing outside India and want to tap the value the market offers, here are some favourable laws under RERA:
1. Property under sale has to be first registered with and be compliant with RERA: Any pre-project sanctions and property sale is not possible without registering with RERA. All of the substantial information concerning the project has to be specified with clarity on the RERA website erected for each of the state.
And any changes if in case needed, first need consent from 2/3rd of the project allottes to check on the deviation in proposed and provided property.
Marketing with wrong intents resorted to woo NRI customers shall also now see a check.
All vital information such as the project plans, carpet area, amenities, approvals, contractor details, payment and completion deadlines and construction updates have to be provided on the RERA.
2. Property and registration to be automated and made online: In coming years, all the property details should be made online to eradicate the chances of any property related frauds for NRI community.
3. Diversion of funds to other projects is also checked by RERA: In many a project in the pre-RERA era, the funds if scarce in one project got a boost from some other project. This shall now be stopped with the new RERA law.
4. Regular updates concerning project construction : As frequent on site visit by the NRI dweller is not possible, this updation facility on the RERA website shall also uplift the sentiment of NRI buyers in the Indian property market.