Aditya Raheja expects the realty market to pick up
The India realty sector that had been at its worst since past few years is now looking at the star light. With Prime Minister NarendraModi emphasizing on ‘development for all’, the market is expected to grow. Also, rapid urbanization had led to an increase in the flux of people from rural areas to towns. This has also made affordable housing as the need of the hour. Aditya Raheja, Director, The Advantage Raheja Group, is anticipating the Indian realty market to pick up pace soon. He expects that the market has finally found the much needed fillip. The reasons for the same are the stabilized economy, decreased inflation and reduced rate of interest on housing loan. The prices of the properties had fallen by 6-18 percent in the last few years. It was a crunching time for developers as well as consumers.
The market scenario had been at its worst. The frail Indian political stature had rendered a hard blow to the realty sector. It was managing to crawl through. But now, stable government has led to an unwavering phase for the sector. To accentuate this, cut in repo rate has led to cheaper housing loans. Also, people are no more wary of investing. The number of enquiries and footfall at our offices and sites has increased substantially. We are looking forward to good sales figures.
Three time reductions in repo rate by the Reserve Bank of India since Jan-2015 has been translated into lower EMI for home loans. Almost all the banks have reduced their interest rates. Also, as of now, the phase is extremely good for making purchase as the prices are still low. The current phase is extremely rewarding for the customers as the market is still recovering from the slog. The prices are low and developers have been holding on to a large number of inventories that they would want to get rid of. A clever Indian customer can strike a bargain.
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