NRIs might put in ` 1,150 crore in re­alty mar­ket

Hindustan Times (Chandigarh) - Estates - - HT ESTATES - Van­dana Ram­nani ■ van­dana.ram­nani@hin­dus­tan­

The de­mon­eti­sa­tion drive and im­ple­men­ta­tion of the Real Es­tate Reg­u­la­tory Act (RERA) will help im­prove con­fi­dence of non-res­i­dent Indians to in­vest in the In­dian res­i­den­tial mar­ket, push­ing the to­tal in­vest­ment from this seg­ment to touch ` 1,150 crore in the top eight cities this year, says a new re­port ti­tled The Global In­dian Fra­ter­nity, New Lo­co­mo­tive of In­dian Real Es­tate by Square Yards.

This will be nearly dou­ble of NRI in­vest­ments made in the coun­try four years ago. About

` 1,150 crore of in­vest­ment by NRIs is ex­pected to come into the res­i­den­tial mar­kets across cities in 2017, against ` 600 crore in 2013, says the re­port.

Over 20% of NRI in­vest­ment in In­dian real es­tate comes from UAE, fol­lowed by USA and King­dom of Saudi Ara­bia. Other coun­tries such as Canada, UK, Sin­ga­pore and Aus­tralia are also a ma­jor source of NRI cap­i­tal in­flow in the In­dian re­alty mar­ket. De­mon­eti­sa­tion of ` 500 and ` 1,000 notes in Novem­ber last year by the gov­ern­ment will go a long way in in­still­ing con­fi­dence among the NRI com­mu­nity. RERA is also aimed at nur­tur­ing a trans­par­ent and well-reg­u­lated real es­tate sec­tor. Rolling out of GST will also add to the pos­i­tive sen­ti­ment, says Kanika Gupta Shori COO and co-founder, Square Yards.

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