Real Estate Scenario In India
It would not be wrong to state that India’s real estate market has been uncertain for pretty some time while the country’s economy remains under strain. As per the data from diverse sources, real estate prices have witnessed an improvement recently. However, is the real estate market up for a crash, a much awaited event according to the prospective buyers?
“The main rationale for the slowdown are severe monetary regulations attributable to high inflation, the central bank’s novel norms for lending to the real estate sector and property prices hitting the highest levels,” as per Mehak infrastructure, a real estate dealer.
This year in the April-June quarter, property prices dipped in 22 out of 26 cities followed by the National Housing Bank’s Residex (residential index) judged against the January-March quarter. But it is just the temporary scenario. Even with unfavorable conditions, real estate prices in the majority cities have been holding ground for a long time now.
Also read: Overview Of Real Estate Markets
The real estate sector has altogether taken a different blow, thus changing the Real Estate Scenario . In September, the Reserve bank of India (RBI) recommended banks to execute vigilance in financing purchases under interest subvention schemes, wherein the builder consents to shell out the interest for a specific period or till tenure of the property.
“Taking into consideration the advanced risks allied with such lump-sum paying out of approved housing loans and buyer suitability concerns, banks are recommended that disbursal of housing loans sanctioned to individuals must be strongly associated to the stages of construction of the housing project/houses and straight disbursal should not be made in cases of shortened or under construction or Greenfield housing projects,” as per the RBI notification.
- Previous Dream Homes Are Built With Sustainable development
- Next Reasons Why You Should Hire an Interior Designer