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Bank lending rates correction results in the interruption in completion of realty projects

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Realty developers will witness shrink in demand and rate modification owing to RBI choosing to hike interest rate. Gagan Banga said at the www.propertykhazana.com that, “Interest rate increase has moistened the emotion in realty market which will result in reduction. It sees 5-15% rate improvement in the realty segment in few months depending on venture and its position”.
Realty market is under pressure from the past couple of months with auctions waned by up to 70% in many markets and rates waning by up to 20% in excited pouches like Gurgaon, Greater Noida, Ghaziabad and Kundli in the NCR and in Mumbai suburbs.
Cushman & Wakefield South Asia MD, Sanjay Verma said in a verbal communication with the www.propertykhazana.com that, “There is no option to credit and land dealings are desiccated owing to developers failure to manage funds. The Fund-raising proposals of developers have also altered and some restricted their growth proposals.”
Housing Loan rate is expected to go high and advance fund taken by clients will get dried up, which forced them to sluggish the speed of venture implementation. Unitech, GM, R Nagraju said to www.propertykhazana.com that, “High borrowing price will have the subsidiary effect on company’s limits and he also feels that large fear is loosing the demand. We are unable to do nothing regarding this interest rate hike, but still we have to motivate the demand by acclimatizing our products well-matched to present markets requirements.”
Unitech is planning to launch residences for Rs. 40 Lakhs in Gurgaon and also in fewer rates in smaller cities, where it feels there are reasonable purchasers. API is changing its proposals to outfit the adaptation demand set-up. API, CEO Anil Kumar said, “We have a plan to open plotted development ventures shortly which has a good demand.”
Source: NBTVLIVE

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