Real Estate Rate Cut: Developers welcome Piyush Goyal's suggestion for rapid recovery post-pandemic lockdown

Real Estate Rate Cut: The real estate developers in India have welcomed Union Minister Piyush Goyal's suggestion to reduce the real estate property prices in the post-COVID-19 pandemic period, rather waiting for recovery to happen. They also said that there are some steps like allowing REITS and Foreign Institutions to invest in OC (Occupancy Certificate) ready apartments which will eventually drive housing demand. They said that it will fuel demand in the sector, which is missing in the current market scenario.

Speaking on the Piyush Goyal's suggestion Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “The crux of the problem lies in dwindling demand that the sector has been experiencing for the last few years. Therefore, the main solution will be in creating stable long-term demand by providing adequate boost to economic growth and stability. Any movement on ready reckoner rates, stamp duties and taxes will come as a further relief to help convert latent housing demand to sales.”

See Zee Business Live TV streaming below:

Anuj Khetan - Director, Vijay Khetan Group said, "Speaking of price correction, the real estate industry has already started considering the same if there are potential buyers. Developers are not turning away customers who are genuinely asking for a fair price. Undoubtedly, the real estate demand is suffering from a systemic failure on many avenues. The industry’s expectation from the Government is to allow REITS and Foreign Institutions to invest in OC ready apartments which will eventually drive housing demand. This in turn will bring the institutional and individual investors back to the table as after a long time investment in residential real estate is making sense financially."