(MENAFN- Khaleej Times) Two-day Realty India Expo featuring 160 developers will begin tomorrow
Dubai — Mindscape ME organisers of Realty India Expo Dubai’s largest property exhibition for non-resident Indians or NRIs announced the 10th edition of the exhibition that will feature 160 leading developers from all Indian states catering to the growing NRI demand for quality properties.
M.I. Sait; Anurag Gupta chairman Skywoods Group; and Dheeraj Kochhar global head of sales and strategy Xrbia Developers announcing the 10th edition of Realty India Expo in Dubai. — Supplied photo
The two-day Realty India Expo 2015 — which kicks off on Friday — will showcase various residential projects from cities like Ahmedabad Bengaluru Chennai Hyderabad Kerala the National Capital Region (NCR) Mumbai Pune among others. Developers from tier III cities like Coimbatore Mangalore and Mysore will also shoacase projects.
Plotted development projects affordable housing luxury apartments row houses and villas will be among the property categories on display. The organisers have also arranged NRI consultancy services to clarify customers’ queries on investments home loans tax planning and repatriation procedures.
“This year the mega property show is happening at a time when property prices are stagnant and home loan lending rates have been reduced with a special concession for women home buyers. The government has taken steps to finalise several landmark reforms. Prominent among them include opening up the retail sector to global investors a new land acquisition law streamlining of the approval mechanism and appointment of a real estate regulator in each state” said M.I.Sait CMD of Mindscape ME.
“This is apart from liberalising FDI norms in real estate and the agricultural sector introduction of Reit and allowing external commercial borrowings up to $1 billion for the affordable housing sector. This is expected to improve the overall business environment across the country in the coming years. It has been estimated that the real estate sector has the potential to increase fivefold to reach $676 billion by 2025 particularly at a time when the government is finalising plans to announce 100 smart cities and 500 other cities across the country” he added.
The size of the Indian real estate market is expected to touch $180 billion by 2020. The housing sector contributes five to six per cent to the country’s gross domestic product (GDP). Also in the period 2008-2020 the market size of this sector is expected to increase at a compound annual growth rate of 11.2 per cent.
Retail hospitality and commercial real estate are also growing significantly providing the much-needed infrastructure for India’s growing needs.
According to a study by Knight Frank Mumbai is the best city in India for commercial real estate investment with returns of 12 to 19 per cent likely in the next five years followed by Bengaluru and Delhi-National Capital Region (NCR).
“The strong policy announcements made by the government towards providing ‘Housing for All by 2022’ strengthens our vision of providing future-ready sustainable homes to every Indian by 2030. An increased focus on creating suburban infrastructure corridors outside large cities by increasing spend on local rail corridors multi-modal road networks and an increased impetus on urban infrastructure will enable the overall industry to build the millions of units that the country needs for its housing deficit” said Rahul Nahar chairman of Xrbia Developers.
It is also getting easier for overseas Indians to repatriate property generated income — Sales proceeds from residential properties of up to two units and an unspecified number of commercial properties can be repatriated. The lock-in period has just been eliminated. Rental income is also freely repatriable subject to payment of applicable taxes.
“Sales proceeds from residential properties of up to two units and an annual repatriation limit up to $1 million of property-generated income from NRO accounts have made investment in real estate a lucrative opportunity for NRIs” he added.
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