India has seen a colossal growth in the real estate sector in the past few years. Currently the Indian real estate industry is being valued at more than $50 billion and is expected to grow by 25 percent year on year. With the expansion of industries and increase in employment opportunities in the cities and nearby areas the demand for commercial as well as residential properties has gone up remarkably. The development of properties is also happening at a rapid pace to meet the ever increasing requirements.
India has for sure become a destination of opportunities as far as real estate investments are concerned. The NRIs have shown their trust in the Indian real estate market and have invested in the property market in a big way. The Indian government has also played a major role in supporting the growth of realty sector by promoting NRI investment and allowing Foreign Direct Investment (FDI) in real estate. The NRI laws and NRI tax related implications have been made simple and clear to facilitate investment in property. With a good return on investment, real estate sector has become the preferred choice for investors. More lucrative avenues are being opened to invite investments form abroad.
NRIs are also showing plenty of interest India investment. NRIs real estate investment has shown a major growth in any other investment made by NRIs, triggered by recent liberal policies and reforms made by government of India and financial authorities. NRIs are also allowed to make huge investment in construction of residential and commercial premises, development of townships at city and regional level, constructing infrastructure facilities like roads and bridges in urban areas and investment in participatory ventures. Online banking in India and special NRI account has facilitated transactions for any kind of investment in India.
Finance provided by banks and financial institutions to acquire property has boosted the sales in real estate market. This finance is available for all kinds of properties including residential, commercial, and industrial. Finance facility can be availed by salaried individuals, self-employed individuals, partnerships and even NRIs depending upon the eligibility and completion of documents.
The growth in the real estate sector is more prominent in metros and big cities like Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Chandigarh etc. This wave is slowly and gradually moving towards small cities also. All this growth is sparked by the increasing industries and employment opportunities lead by Information Technology and IT-enabled services.
The Indian real estate market is very evenly poised to achieve even new heights in the realty world. The interest shown by the foreign investors and NRIs is a good sign and motivating factor for the real estate industry.
Amitabh Kumar, a writer by profession has been part of content research team of magazines, journal dealing with NRI, non resident Indian news, stories, and issues. Presently he is content writer in NRI News based website emphasizing on NRI related information, issues, property investment scenario in India.
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