Canada-based property developer Bob Dhillon is willing to invest in India’s lucrative property market provided the government relaxes investment and capital repatriation norms for foreign firms. Dhillon showed interest in the real estate market of smaller cities and towns of India.
Dhillon is the president and CEO of Mainstreet Equity Corp, which owns and manages properties in excess of $1 billion across Canada.
“India’s property market is quite lucrative and most foreign real estate firms would be willing to invest here,” said Dhillon.
Dhillon, however, had his wish list ready for the reforms he expects to take place in the realty sector before he arrives with his investments.
Among his reforms wish list for India’s real estate, relaxation of FDI rules is on the top. At present FDI is allowed only in townships, which many foreign institutional investors find it too restrictive.
Dhillon further advocated amendments in the landlord tenancy act that should be altered to allow for a level playing field such that under property ownership rights are duly protected under law.
“If India relaxes norms, then FDI in real estate could shoot up to 30% of its GDP. It currently stands below 5% of GDP,” he added.
At present a Canadian national, Dhillon traces his roots to India. “My ancestral village is Tallewal, which is in the Barnala district of Punjab,” he said.