CHENNAI: Your wish for a dream house may come true this festive season. With interest rates coming down to 7 per cent and banks offering lower EMIs, the time is perfect to buy a house, say builders and real estate consultants.
A Shankar, Chief Operating Officer, Strategic Consulting, India & Sri Lanka, Jones Lang LaSalle told Express “Sales have picked up substantially in recent months, which clearly demonstrates a stronger demand.” S Sridharan, CREDAI chairman, Tamil Nadu Chapter, says, “Buyers have time till February to buy properties at affordable cost which could shoot up by February as the prices of raw materials and labour cost will increase.” Interestingly, buyers are preferring bigger homes.
Dr R Kumar, managing director of Navin Housing and Properties, says that the preferences for bigger homes are high as interest rates have come down. “ I have sold 50 per cent more units in the third quarter compared to the same period last year.” Chennai may see a 20-25 per cent rise in sales in the fourth quarter of 2020 as against the third quarter when sales stood at 1,600 units, says Santhosh Kumar, vice chairman of Anarock Property Consultants.
Despite spiralling Covid cases in the second quarter residential sales rose significantly. This provides sufficient reason to expect a significant increase during the upcoming festive season, says Santhosh Kumar.
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Industry sources reveal that developers are offering a whooping eight to 10 per cent discounts