Signs Of Stability For Indian Real Estate

Published: August 18, 2009 at 10:57 AM | Author: Administrator
News Source: August 16, 2009 - Indian Realty News

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India’s real estate sector is showing first signs of stability after a free fall that started last year, claims a leading builder. Real estate developers in India think the worst may be over as property prices started to stabilise. Buyers are also returning, encouraged by the government’s decision to provide cheaper home loans, according to Mr Sanjay Rastogi, director, Saviour Builders.

A series of interest rate cuts on home loans and a revival in optimism have encouraged developers to start new projects. Some are even putting a halt to discounts as demand picks up. Property prices are going up by 10 to 15 per cent after falling nearly 30 per cent last year, Mr Rastogi said in a Press statement here.

“For some time, there will be cautious correction and there will be upward trend (of prices). But ultimately, the demand and supply are going to continue because India has globally the largest young workforce whose disposable income is increasing. They will all need houses to live and place to shop,” he said.