Booster shot to home buyers, realty sector! Home loans rates slashed - All you need to know

Home buyers alert! With home loan interest rates falling sharply and most banks linking their home loan to RLLP, freebies announced by developers are making it further easier to buy a home this festival. Moreover, with property prices remaining almost stagnant in the last couple of years also augurs well for the buyers. Amid favourable conditions, developers are expected to report decent sales numbers even without offering 'expensive' return gifts in the coming festival season.

Data Available with PropTiger.com show that home sales during the festive season invariably increase for a variety of reasons.  In the October-December quarter of FY19, for instance, home sales increased by 30 per cent. While sales volumes decreased in the quarters that followed, they are expected to see an upward movement during the upcoming festive season. While the liquidity crunch and a ban on subvention schemes might keep developers from launching mega festive discount offers that typically are a big attraction for buyers during the festive season, the reduction in interest rates and easy availability of ready-to-move-in affordable homes are likely to be the big drivers of demand during the festive season this year.

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Speaking on the festival boom in the housing sales Dhruv Agarwala, Group CEO at Housing.com said, “With the repo rate at a 9-year low, banks have substantially reduced home loan interest rates to a record low level. Data available with PropTiger.com show that over 4 lakh ready to move in housing units lying unsold in nine major property markets are priced within the Rs 45 lakh bracket. Investing in these units would allow additional savings in the form of an increased tax deduction limit of Rs 1.50 lakh on interest paid on a home loan as announced in the Budget in July. The upcoming festive season could be an interesting period to take advantage of these factors as well as potential deals that might be available from developers.”

Adding a fervour to the festive season Mahagun Group has extended its ongoing Great Indian Property Bazaar till the end of the festive season, where the group is offering 15 great offers - zero per cent GST, Car Parking, Modular Kitchen, Hotel/Club membership etc on its different projects in Delhi-NCR. Gaurs Group is offering registry Free + 24 Free Gifts (AC in Every Bedroom, Semi Modular Kitchen, LED TV, Wardrobe in Bedrooms...Etc.) in its select projects in Noida. Gulshan Homz, leading real estate developer in Noida — offering free covered car parking, power backup, club membership and lease rent at its luxury project Gulshan Botnia, located on Noida Express. Chandigarh-based Sushma Group has announced “Sushma Happy Home Celebration” where customers can avail limited period benefits by buying residential projects. The offer primarily is about getting premium units at the non-premium price for almost all residential projects, leased and ready to move business spaces in commercial projects of Sushma Group.

There are offers for the commercial realty buyers as well. Bhutani Group, the prominent realty players in the commercial segment has introduced festive offers for its customers on its projects — Cyberthum and Grandthum. The buyer on booking 2 units of MY POD, Retail spaces and Anchor Spaces at Cyberthum stands a chance to win 40’’ LED TV, Apple I-Phone 10 & Apple I-Pad respectively. On booking office space at Grandthum, a customer can win 55’’ LED TV.