In the hope that consumers will reduce their purse strings during the three-month period, lenders include
Housing Development Finance Corporation has reduced home loan rates by 15-60 basis points to between 6.5 per cent and 6.7 per cent – the lowest level in a decade.
Lenders are hoping to capture a relatively safe group of borrowers as the impact of the pandemic continues to threaten asset quality for many banks. A huge amount of liquidity has helped slash rates after the Reserve Bank of India injected billions of dollars to protect growth.
Builders are offering discounts and gifts to home buyers, deferring payment plans and foregoing fees to tap a nascent revival in the property market. He joins several Indian companies – from consumer durables manufacturers to auto makers – slashing prices to spur demand during the festive season. Walmart-backed e-commerce giant Flipkart is offering up to 80 percent off some electronics as part of a big billion sale.
According to Samantak Das, chief economist and head of research at property research firm Jones Lang, given the stable home prices and a market engulfed by the festive season, “the reduced home loan rate has been announced at an appropriate time and given the right impetus to residential sales.” Will give.” LaSalle Inc.
This idea is underlined by a recent JLL survey of six top Indian cities, which estimated that more than 80 per cent of 2500 respondents are planning to buy a home within the next three months.
Das expects the festive offer to increase domestic sales by 30-35 per cent in the second half of the year as compared to the first six months.
Adhidev Chattopadhyay, an equity research analyst at ICICI Securities, expects “developers to post record sales booking numbers in the second half of FY 2022, led by new launches,” he said in a note.