CREDAI expects real estate to bounce back soon
It is absolutely no secret whatsoever that the real estate arena of our nation has been struggling for quite some time now. Sales had plummeted to such a stooping level that the industry became marred with such a gigantic oversupply of inventory which could take years to offload. But concerned authorities took initiatives at the right moment and the right time, and as a result the industry might very well be right back on track.
According to the all important
CREDAI, the apex and supreme authority of all realtor’s, sales of real estate properties, both residential and commercial, have started picking up and gathering pace once again but a full-fledged might be witnessed somewhere around the next financial year, that is 2016-17. CREDAI also pointed out that the sales of residential housing properties is rising by the minute, especially in the immensely crucial Delhi-NCR, which is a tremendous sign of recovery for real estate. They are rightly expecting a massive boost in sales during the festive season.
CREDAI attributes this rise in real estate sales to the constant rate reductions in repo rate by the Reserve Bank of India. RBI has slashed its rates by 75 basis points from January onwards. A major chunk of commercial banks and NBFCs have passed on the benefit of the repo rate cut in the form of lower interest rates for home loans, thus making housing a lot more affordable for one and all. Banks are expected to lower interest rates even further and rightly so. According to many experts, the rates of home loans should ideally be in the range of 9 to 9.5% per annum. Therefore a full recovery can be expected only by the financial year 2016-17.
As far as real estate prices are concerned, CREDAI expects them to be stable for now. Though in short term buyers can expect to benefit from a plethora of discounts and incentives offered by realty developers, while in long term one can expect a price rise as the costs of inputs go up significantly and the demand rises because of various corrective measures.
CREDAI has also swung into action as far as the complaints of customers affected by delays in delivery of projects are concerned. Though the massive drop in demand for real estate has led to a humungous liquidity crunch for developers, which has in turn led to the delay in offering possession, CREDAI still rightly is on the side of buyers. Out of the total 1739 complaints received by CREDAI, an impressive 1350 have been resolved, while the rest are also on the verge of being resolved.
That is why there is absolutely no time like right now to invest in real estate. So explore the immensely lucrative realty space of India, especially Delhi-NCR, immediately and prepare to get your money grow by leaps and bounds.