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Elaborate plans to build new cities across India were among the projects unveiled during last week's Indian Property Show in Dubai, which presented thousands of property investment options from more than 150 Indian developers targeting the lucrative nonresident Indian (NRI) market in the UAE.
Sunil Jaiswal, President of Sumansa Exhibitions, organizer of the event, said developers are taking advantage of growing NRI interest as favourable foreign exchange rates and a new real estate law are making property investments at home more attractive.
''The weaker rupee and the recent approval of the real estate regulation bill 2013 are expected to renew NRI interest further and propel real estate investments,'' said Jaiswal. ''The Bill is a pioneering initiative to protect the interest of consumers, to promote fair play in real estate transactions and to ensure timely execution of projects.''
Developer Xrbia said it is looking to build 100 cities in the next 15 years to support the urban expansion across the country. ''It has been predicted that by 2030, Indian cities will be home to 800 million people, which means 70 per cent of India's total population will live in cities,'' said Rahul Nahar, founder of Xrbia. ''To accommodate the demands of an urban expansion of such a speed, Xrbia's mission is to build 100 new cities by 2030.''
Speaking on the impact of the real estate bill on NRI investment, Sakshi Katiyal, Chairperson of Home & Soul, said NRIs tend to look for safe and profit-driven investments. She said buyer-seller transparency will encourage more investments and result in the next real estate boom.
Nagraj Nallu, Director of Newage Realty, added: ''NRI Investments will get a boost as a result of the bill as it will bring in a lot of transparency. The application of Real Estate Regulatory Authority will regulate many key concerns related to quality, timely delivery, pricing, etc.''
Commenting on the sector's growth prospects, Ashwinder Raj Singh, CEO of Residential Services at JLL India, said, ''Regardless of its speed of growth, the fact remains that the Indian real estate sector is a dynamic one, and that long-term investments into it will pay off very well as long as the investment decision is sound. The sector is expected to grow at 30 per cent over the next decade across the housing, retail, hospitality and commercial verticals. The market size is expected to touch $180 billion [Dh661.16 billion] by 2020.''
As inventory has piled up in Delhi, the capital, and Mumbai, the financial capital, Singh said customers can expect to get good bargains in these markets as developers are offering discounts and attractive financial schemes like 20:80, 30:70 and 10:80:10.
Source: Property Weekly