A long-drawn slowdown in the property market was experienced following demonetization.However,home buyers are yet again showing indulgence despite the sluggish trends. Observing how things have changed in the past few months, Jagmohan Garg, Delhi realtor appreciated home buyers for scaling the business with their interest rising in property sector.The realty tycoon says, “The change in business is likely to stay and business will pick up in the present year.”
Statistics show that enquiries regarding ready-to-move-in properties have relatively gone up. Seeing the spark back in business, developers have come forward, offering no or low EMI schemes liquidating ready stock. Jagmohan Garg brings into notice that these schemes were previously only meant for properties which were still under-construction. Garg states, “The schemes also play a major role in causing a rise in home buyers’ interest in properties. Giving buyers the freedom to either not pay EMIs for two years or pay a relatively lesser interest rate (3.99%) for longer tenure is the sure shot way to pull in more and more customer has proven to be a game changer.”
Demonetization sure did cause a lot of ruckus, but again the budget introduced many favorable changes for homebuyers in the property business. Jagmohan Garg, Delhi based realtor emphasized, “Accounting the carpet area instead of built up area as per the Budget ensures that people who buy property know the exact value for their investment.” As a result, enquiries regarding affordable housing are coming up,resulting in the emergence of buyers with up to Rs 25 lakh of budget.
Garg, based on his analysis, brings into notice the fact that retail loan for buyers and funding for projects did not experience any shortfall since the last hundred days of demonetization, which is a good sign. Nevertheless, the builders relying on cash transaction and loans were hit badly. Meanwhile, the retail loan sector is welcoming actual buyers back in the market.