Demand for affordable homes revive

Demand for affordable homes revive
19/12/2017 , by , in News/Views

The real estate market of Ahmedabad, where demand dipped significantly after triple impact of demonetization and the implementation of Real Estate Registration Act (Rera) and goods and services tax , is now showing signs of revival after Diwali.

Estimates by leading real estate players indicate that the demand for affordable homes is improving significantly. They were present at Times Real Estate Expo for Rera-registered projects, which was inaugurated at The Grand Bhagwati on Saturday.

The expo is one of a kind which is organized over the weekend, exclusively for Rera-registered projects. Some 14 exhibitors, comprising of premium residential projects and commercial projects – including plots, exquisite villas, state-of-the-art business centers and financial institutions are part of the expo.

Sharing more details about the demand trends, Subrata Padhi, from the promoting agency of Sheetal Infrastructures, said, “The market declined after demonetization as investors had left the market. However, the situation has improved of late and the demand is significantly good in the affordable segment.”

In fact, estimates by loan department officials of Central Bank of India, who were also present at the expo, claim that the maximum uptakes in loans are in the sub-Rs 30 lakh segment.

Experts claim that it is a buyer’s market and therefore the deals are lucrative when it comes to first-time home buyers. “We are looking forward to buy a 3BHK residential apartment in the affordable segment. I have collected brochures of several projects here and will evaluate. Price point after GST considerations is going slightly higher than my budget but at the same time, the deals are good,” said Brijesh Bhavsar, a city-based professional.

While the demand is good in the affordable segment, the same in high-end luxurious apartment is slightly affected. Despite this, property prices have remained stagnant and have not really gone down, claim experts. “The demand is good in the affordable segment only and the market has opened well after Diwali with increase in inquiries. With this, there is no major change in property prices,” said Rushhikesh Pandya, head – sales and marketing, Siddhi Developers.

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