Though the overall realty outlook in Ahmedabad, especially in the housing sector, has been looking up in the last couple of years, business has been a bit slow in the affordable housing segment because of the RBI’s interest rate increases. The affordable segment constitutes almost 60 per cent of the city’s real estate market.
However, builders are hopeful. Realty analysts say this festival season there will be a raft of attractive offers for home buyers. Developers will offer promotions such as deferred payment plans, free furniture, lucky draws with various prizes and assured gifts. Developers said demand for premium residential real estate and plots will be high in the festive season.
CREDAI Gujarat said, “There has been good demand for houses, and we have seen a significant number of new projects launched in the last two years. Ahmedabad has relatively low property prices when compared to other large cities and is thus a good market to buy property. Residential and plotting schemes are doing well. Despite the increase in land and construction costs, developers have not increased the prices of finished units. There will be various offers for buyers, especially in the affordable housing segment.”
The affordable housing segment has seen buyers delaying purchase decisions, mainly due to high interest rates. According to estimates, interest repayment levels on home loans are now higher than the principal. This has affected sales in the segment. Industry insiders say many developers will offer interest subvention schemes, delayed payment plans, free furniture and electronics and assured gifts to draw more buyers.
Footfalls at project sites have increased after the rainy season. It is believed that there will be good demand in all the segments because constructed property prices have not increased significantly.
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