By Kumar Gera
"In scores of countries, foreigners are not only permitted but are invited and incentivized by way of tax breaks and residency permits to purchase residential properties for self-use or for lease, albeit, some conditions. We, in India now need to allow foreigners this reciprocal facility. Much can be gained from this incremental demand and additional construction through the downstream effects of the creation of new jobs, larger rental housing stock and inflow of hard currency. Considering the macro India story plus other positives like the rich cultural offerings, temperate weather and the cost and convenience of living, we could easily emerge as a preferred destination. Taking such a step will see the asset remaining in India in perpetuity while benefitting from foreign exchange inflow without the transfer (export) of any goods or services out of our country and seeing more employment. Suitable restrictions, as in other countries, to prevent any ill effects can be applied.”
The author is Founder President & Ex-Chairman of CREDAI (National) and Chairman, GERA Developments
