DUBAI 11 June 2017: Riding high on the positive sentiments that have returned to Indian real-estate, the Indian Property Show in Dubai ended its 20th edition, featuring hundreds of projects across the country.
The longest running property exhibition for NRIs in the UAE was held at Dubai World Trade Centre, Hall 6, on 8th, 9th and 10th of June from 3pm to 12 midnight. The three-day event was inaugurated by Sultan Butti bin Mejren, Director General of Dubai Land Department. It promised visitors a diverse range of property from apartments, villas, row houses, plots, commercial to retail properties.
The exhibition featured talks about the new Indian Rera law, taxation, upcoming projects, and infrastructural development that various cities will witness making them a lucrative option to invest.
After a brief shock post demonetisation, the Indian realty is back in business. Within the first three months of 2017, housing sale and new launches shot up by 70 percent as compared to the same period last year. New launches numbered at 30,000 units while housing sales jumped to 23,000 units in the January to March period from just about 14,000 in the previous quarter.
NRI Buys
Non-Resident Indians have also been prolifically buying into Indian property, not only as primary homes, but also as an additional investment. In 2017 alone, the total NRI investment in realty in top eight cities is expected to touch $11.5 billion (Dh42.2 billion), representing 20% of the total market share, currently estimated at $60 billion (Dh220 billion).
“Bringing a paradigm change in the way the Indian real estate sector functions, the implementation of RERA in India has brought the positive sentiment back into Indian Realty,” commented R. Srividya, General Manager- Corporate Sales & Brand Engagement, Indian Property Show.
“Buyers not only enjoy the right of protection, but the Bill also introduces a transparent system across board that ensures security of investment and accountability in terms of financial disclosure. Combined with the announcement of Goods and Service Tax which aims to eliminate indirect taxes across various states and Real Estate Investment Trusts (REIT) that secures and rewards even smaller investments, the prospects are bright.
Confidence
“This confidence among the investors will go a long way in boosting the Indian real-estate further, particularly among the NRI population, which can look forward to timely execution of projects and quality construction among other benefits,” added Srividya.
In order to further cement this trust, this year’s Indian Property Show introduced several exclusive offers for investors. Sidharth Housing, for example, was offering a three-year Buy-Back Guarantee, which safeguards investment from any fall in the market rate, where the buyer has an option to either retain his ownership or sell it to the developer in the same rate as bought and receive a bonus of 10% from the buying rate.
Similarly, NRI investors could opt for buying pre-rented flats which will ensure that they get the rent from the very first day of their ownership. Moreover, when buying property in a gated community, investors can simply pay for the land and construction, yet benefit from the amenities with zero additional cost.
Exhibitors at the property show were converging from across key Indian cities such as Delhi, Noida, Greater Noida, Gurgaon, Jaipur, Kolkata, Goa, Ahmedabad, Mumbai, Navi Mumbai, Pune, Chennai, Coimbatore, Hyderabad, Bengaluru, Mangalore and Kochi. These include: Adani Group, Kanakia, Lodha Group, Purvankara, Mahindra Lifestyle, Siddha Group, Rustomjee, Merlin, Wadhwa, Shankar Abodes and Vertex Group among others.
By Rajive Singh