On the export front, however, India recently experienced a 9% drop in exports in August, exacerbating the trade deficit
Non-resident Indians (NRIs) and persons of Indian origin have shown increased interest in investing in Indian real estate. A recent study reveals that overseas Indians now make up approximately 15% of new project sales, contributing significantly to India’s rising real estate remittances, khaleejtimes.com reported.
This trend is driven by robust legal protections for homebuyers, giving investors confidence.
Indian real estate laws now require developers to provide an annual self-declaration of their project’s quality, evaluated across parameters like structural design, material quality, and workmanship. Additionally, developers are legally bound to rectify any structural or workmanship defects within the first five years, at no extra cost to the buyer.
In response, the government has implemented various measures, including increasing shipping capacities, reducing container handling fees, and installing more scanners at key ports. These initiatives aim to streamline the export process, alleviate logistical challenges, and ultimately balance the trade deficit
If the buyer reports a defect, the developer must fix it within 30 days. Moreover, if possession is delayed, the Real Estate Regulatory Authority (RERA) can mandate the developer to refund the buyer or offer compensation. These legal safeguards have boosted NRIs’ confidence in investing, even among those planning to return to India after retirement.
Beyond real estate, other industries in India are witnessing rapid growth. The online gaming sector, for instance, has seen explosive growth, with the number of gamers rising from 250 million in 2018 to 400 million in 2021. This industry is projected to continue growing at a 15% CAGR, driven by investments and the rise of gaming influencers and content creators. Gaming cafes have also become cultural hubs where players gather for social engagement and competition.
***********************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken a small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, running a news website requires finances. While every contribution, big or small, will make a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com