The real estate industry of India has always lured the non-resident Indians (NRIs). But the main reason for less engagement of them is due to the opaque nature of the business, shortage of information and scientific method of due attention. But with the few major events such as demonetization, Real Estate Regulation Act (RERA), the Benami Transaction Act and the goods and services tax (GST), there seems to arise a question that if NRIs will gain back or show more engagement towards this segment or not.
Further, the greater transparency, tighter regulations, more affordability and improved value security, the NRIs are developing interests for the investment opportunities. All thanks to the policy changes that have been witnessed in the past due to few acts and events. Also, the relaxation of laws by RBI in regard to buying properties by NRIs and the Foreign Exchange Management Act (FEMA) will cater advancement in investments. It is truly been observed that the availability of affordable properties will attract a large number of urban NRIs.
This can be totally pointed that the year 2017 is expected to be a year for NRIs as the nation is going to be recognized among the fastest-growing economies where real estate will be a major driver. Moreover, to improve the purchasing processes, several regulations have been amended like that of FEMA.