After a break of 2 years NRIs have slowly started purchasing property in the Mumbai region. The reason – RERA and a liberal home loan regime , which are together acting as a great confidence – boosters.
This time NRIs are focusing on smaller houses instead of luxury apartments. Developers are also highlighting the benefits of a post RERA regime, to try and boost sales.
For years NRIs constituted 20% to 25% of sales in the Greater Mumbai real estate market .
Over the past two years , this figure had dipped to about 7%, driven by exorbitant pricing, a lack of transparency, frequent changes in rules and regulation and delayed possession.
As per RERA, builders must now give deadlines for completion of each project. This has eased concern about delayed possession .
amid economic turbulence more non – resident Indians are planning a possible return to India and it makes sense to have a house to come back to in case they do return.