As per the sources available with www.propertykhazana.com, hike in interest rates has brought both bad and good for the clients. Amazingly it’s not funny; rates of housing land across India have come down by 5% to 10% in secondary market and as much as new residential ventures are involved, builders and land developers doesn’t seems like they engrave the rates any more. Obeying the RBI’s verdict to make the fund supply tight and to put standard interest rates, banks have hiked prices by 0.50 to 1%. Rising interest rates can raze building activities and may lead to rise in rates in average term with high development price, said CMD of a Construction Company. Builders who had started their realty ventures in last year are in the final stage and also they are set to put on the market. In other ventures, builders have sold out the part which they had planned to sell and the leftover parts will be sold out when the building nears the completion.
Pradeep Jain, CMD of Parsvnath Developers said to www.propertykhazana.com that, even the Govt. organizations are responsible for the increase in realty rates and the authority has sold out its property on the rates more than the real rate. In such condition, Govt. believes that developers are cutting the rates of completed products. Hike in rates and making of fund chomp may lead the land developers to delay the start of new realty ventures unless they make sure that the demands for the units they will set up for development. Small builders who don’t put hands in big realty ventures are forced to open the ventures to hike funds to pay for their expenses. Hike in rates are avoiding the potential investors to invest in Indian properties.
Source: NIMMA BENGALURU
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