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Intrest rate increased, property transactions decresed

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Auctions of housing properties in chief cities have come down by 10-15% owing to increase in housing loan prices. But, here not been any fall in auction rate of lands in big cities while developers are holding up the present prices. CBRE, Chairman and Managing Director Anshuman Magazine said to www.propertykhazana.com that, “Property transactions and sale of housing flats have fallen down in Mumbai and Delhi in the range of 10-15% mostly because of frequently increasing interest rates. Rates of housing properties will get crashed if the auctions carry on falling. Developers are investing on the rates but the rates are getting crashed when auctions won’t occur and increase in lending prices has turned out to be the main defy for realty industry which has went up radically high.”
As per the sources available to www.propertykhazana.com, lending prices has gone up for more than 2% in the previous year because of tapering of fiscal rules given by RBI to tame increase price. Since developers are facing trouble in receiving credit for their ventures, Magazine told that, “Liquidity chomp will crash the supply of housings all over the country. Developers are facing liquidity chomp because it is not improving and the development of ventures must not take place and supply of lands will also not develop. Rates will not decrease which is a difficult sphere.”
Source: NIMMA BENGALURU

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