The New Indian Express newspaper in association with Life Insurance Cooperation Housing Finance Limited (LIC HFL) is to hold an exclusive Indian property exhibition on Friday and Saturday, 4 and 5 March, at the Holiday Inn Hotel in Salmiya.
The two-day event, open from 10am to 7pm on both days, will present some of the finest residential properties across India ranging from budget homes to luxury villas, as well as row houses, beach homes and plotted development projects. Over 25 of the leading realty developers from India will be participating in the show and will be offering one-time bargain offers and special discounts during the exhibition period.
The mega property show assumes added significance as it will come at a stage when property prices have been relatively stable and housing loans are available at competitive rates with a special concession on interest rates being granted to women homebuyers. The exhibition is also being held immediately after the 2016 Union Budget, which is expected to have provisions in support of the realty sector.
Informative NRI consultancy services will be held during the two-day exhibition to clarify queries related to investment, home loans, tax planning and repatriation procedures. Exclusive seminars and panel discussions on investment in India, including on NRI and Foreign Direct Investment (FDI) in the real estate sector, which will take place alongside the property show.
The easing of investment norms by the Indian government has opened the floodgates of investment to foreign investors. As a result, FDI in India has increased by 48 percent in the last 19 months, at a time when global FDI has fallen. The FDI guidelines for the real estate sector have also been relaxed so that 100 per cent FDI under the automatic route in completed projects for the operation and management of business centres is now possible. This is a tremendous opportunity for foreign investors, and, in the long run, can significantly boost the share of foreign capital in India’s real estate sector.
Other significant policy interventions such as the Real Estate (Regulation and Development) Bill, guidelines for the launch of REIT units and continued push by the government in the development of infrastructure will give a much-needed fillip to real estate sector in the current year.
The NDA government has also recently approved a proposal allowing investment made by NRIs to be deemed as domestic investment on par with resident investments. The repatriation benefits up to two residential units and annual repatriation limit up to US$1 million out of NRO account arising out of income from sale of properties, rentals and others have made investment in real estate a lucrative option for NRIs.
In a further move to ease the norms, residents are now permitted to remit home loan EMI on behalf of NRIs. The RBI has also clarified that income and sale proceeds of assets held abroad by the returning NRIs need not be repatriated to India and can be retained and invested outside India.
With the commercial property absorption increasing across metros, there will also be corresponding demand for housing both for rental and investment purposes. Experts believe that for every square meter of commercial property absorption in a city, it generates demand for three square meters of residential property.
Moreover, availability of property management companies to take care of NRIs’ properties during their absence in India has made investment in multiple cities a viable proposition and hassle free exercise. Easier lending norms, flexibility in repatriation with minimal paperwork, fiscal sops and other monetary benefits have all made investment in Indian property easy and convenient now.
There has never been a more opportune moment to buy or invest in Indian properties and the Indian Realty Exhibition 2016 is probably the best venue to explore the lucrative options available in this sector.