By The continued growth in residential sales across major cities with fiscal impetus like stampduty waiver reflected stellar effect on property registrations and sales. This indicates signs of pent up demand and buyer confidence coming back to the market.
Demand and consumption confidence returning to the market has been possible because of a combination of different factors – policies and schemes by authorities which created positive sentiment (reduced circle rates/ stamp duty rates); as also home loan companies offering loans at historic low rates while enhancing loan to value (LTV). Then, real estate developers offered special rates and sweeteners which made the home purchase a win-win for the home buyer. These factors came together during the ‘mission unlock’, which saw the festive season being an additional positive in terms of buyer sentiment. In the ‘new normal’, the home seeker realized the need for larger sized homes while those who used to rent homes realized the safety that one’s own house would provide. All of these ended up creating a situation where we saw high numbers of home purchases, and in effect, speedy recovery of the market.
Dr. Niranjan Hiranandani, National President, NAREDCO
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