Housing Industry Full Of Hope
The slowdown of demand is however giving a tough time to developers because they are also facing a lot of struggle with respect to rising input cost, mainly in steel, sand and cement. Though, the project finance channel for developers, available from banks, is fully exhausted, they are resorting to structured borrowings, paying interest of 16-18%, to sustain. They are not going to let the drought in demand let their business languish.
A lot depends on the financial ability of individual developers to hold on to their current pricing and risk losing sales till the situation improves. Developers with enough capital bases are less likely to relent on their pricing than smaller developers with an urgent need to sell their stock.
On the other hand, interest rate for home loans have seen a steep rise in the last few quarters as most banks and housing finance institutions have passed on the impact of the apex bank's repo rate increase to the customers. Finance sector analysts are expecting a fall in the coming budget. SBI has already lowered its processing fee, which provides a much required sigh of relief to the genuine buyer.
Given the population of the country, housing sector may seem to have gone slow, but fundamental demand of genuine buyers still remain, that’s why most developers are still launching new multi-crore projects.
The state and central government authorities and developers are working in tandem with each other to improve the situation of the realty sector.
Brijesh Parnami, CEO- Distribution
Destimoney Enterprises Pvt. Ltd
Destimoney Enterprises a consulting and advisory firm in Housing Finance. Destimoney is one of India's largest mortgage solutions provider and provides professional mortgage advice to those seeking loans. Equally important, Destimoney helps to choose the best loan provider from the leading mortgage financiers. They are one of the largest mortgage solutions providers with pan India presence in all major cities of India.
Destimoney Enterprises Private Limited
Plot No-9, Mansarovar Garden
Opp. Shaheed Bhagat Singh Park
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