Bengaluru, Jan 21 (PTI) The Real Estate Regulatory Act(RERA) has acted as a great confidence booster for prospectivebuyers, around 45 per cent of whom are now looking to purchasehomes in the first quarter of 2018, Quikr Homes Vice presidentSonu Abhinandan Kumar said here today.
"Around 45 per cent of prospective buyers are looking topurchase homes in first quarter of 2018 following the greatconfidence boost RERA has given them. This is a positiveoutlook for real estate," he told PTI at an event organised bythe company here.
Kumar, also the business head of Quikr, said RERA hasbrought in greater transparency, timely project delivery andorganised development and has acted as a confidence boosterfor prospective buyers.
"It has accelerated the construction process and reducedoverall costs for consumers by providing attractive discountsand innovative pricing schemes," he said after releasing 2018Quikr Homes Consumer Sentiment Report.
Kumar said granting of infrastructure status to affordablehousing projects by the centre in 2017 resulted in a 27 percent increase in supply of newly constructed affordable homesin the first three quarters of the same year to some 26,000units He also said the consumer survey sentiment is clearlydominated by preferred budget range below Rs 50 lakh price asmore than 70 per cent buyers are looking for properties in theaffordable range.
"Bengaluru and Mumbai are showing signs of a healthy mixamongst the rest with as much as 14 per cent buyers going forthe more than Rs one crore ticket price for homes,"Kumar said.
He also said more than 70 per cent of buyers prefer homeloans as the primary and easiest finance medium over otheroptions.
"In addition, inflation rates appear to have stabilisedand lending rates have started to come down," he added.
With innovative pricing schemes like possession-linkedpayment plans and subsidy schemes, buyers are also consideringself-finance as their second-most preferred option with 20 percent potential buyers in Chennai and Kolkata, Kumar said.
Affordable housing and stable property prices haveslashed unreasonable ticket prices and made self-financingprospect look brighter, he added. PTI BDN APRAPR.
This is unedited, unformatted feed from the Press Trust of India wire.