RBIs rate cut may not provoke the slow housing market. Few experts feel that developers might have to cut rates further to get-back the purchasers into the market. For the moment, drop in house auctions, higher capital and construction cost, some developers have refused in revenue. Omaxe Chief MD said to www.propertykhazana.com that, “We are not sure, but wish that RBI rate cuts will support banks to less interest rates for housing loans. A less housing loan rate will hike residence purchaser’s interest in the market.” Some say fewer rates might improve probes from prospective residence purchasers, but might not certainly result in more dealings. About 65% purchasers’s decision depend on interest rates, 35% on property rates and rest on sentiment factors. Housing loans rates are likely to go down, by bringing down EMI for purchasers. So, property rates which had risen thrice have to be justified. Developer said, before we waited for property rates to improve for about 35-40%, but now expecting to lower mortgage rates. An improvement of about 25-30% might have the preferred effect on purchasers.
Realty market is getting revealed in realtor’s earnings figure. DFL disclosed about 5% decline in net profit at Rs. 1935 Crores. Unitech for about 4% in auctions at Rs. 983 Crores, Parsvnath’s auctions dropped about 50% to Rs. 225 Crores and profit cut down to about 80% to Rs. 25 Crores and Omaxe for about 75% to Rs. 210 Crores and profit dropped with about 90% to Rs. 25 Crores. Biggest issue for real estate firms is cash flow chomp, as auctions have come down and banks are declining to lend because PE funds are at wait and watch mode. For more updates on realty market browse www.propertykhazana.com.
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