Housing sales to improve during festival season: Realtors

Housing sales are expected to improve by about 20 per cent in major cities during the festival season with marginal fall in interest rate on home loans, developers' body CREDAI said today.

"Enquiries from customers have gone up in the last one month. Buyers waiting for last two years to buy homes are expected to purchase properties as interest rates on home loans have come down and there is a positive signal that it would reduce further," Confederation of Real Estate Developers' Association of India President Lalit Jain told reporters here.

Asked about the expected increase in housing sales during the festival season compared with last year, Jain said: "It should be at least 20 per cent in the major 26 cities of the country".

Interest rates on home loans have come down by about a percentage point and some banks have also decided to increase the term of loan to 30 years from 20 years, he said, exuding confidence that these factors would boost sales, which have been affected since last 2-3 years on high interest rate.

Jain said the sales were unaffected in small cities in last few years, so there would not be much increase in sales in these locations.

Meanwhile, CREDAI has decided to take delay in getting environment clearance as priority issue as this takes maximum time compared with other approvals for real estate projects.

"Sometime, we feel this is a kind of green terror -- stopping projects in the name of environment," Jain said.

"The environment department has to take a positive approach and understand that delay in approval can cost nation a great deal".

Jain said the environment department could prepare a comprehensive check list without compromising on quality aspects of environment and then the plan approving authority could be delegated powers to comply with the check list.

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