Chennai: With the sale of office spaces in 2016 crossing 5.5 million square feet, the highest in the past five years, Credai on Friday announced that it looks favourable for the housing market to pick up this year.
“We have seen a fall in interest rates in the past couple of months and there is a positive sentiment witnessed by the real estate sector. The affordable loans for the customer will ensure that we see a good turnout this year,” said Suresh Krishn, president of Confederation of Real Estate Developers’ Associations of India (Credai) Chennai.
He also announced a home loan mela to be organized in alliance with State Bank of India (SBI) on January 28 and 29 to provide a platform for prospective homebuyers to buy homes. The mela is being organised at Anna Nagar, Velachery and T Nagar.
He added that the aim is to achieve business worth Rs. 750 crore through the mela, as last year there was a business of Rs 450 crore. Speaking about the budget expectations, he said that on behalf of Credai, he has written to the Centre to increase the subsidy on home loans from Rs. 2 lakh to Rs 5 lakh, which will benefit loan takers with income tax benefits.
He also put forth the idea of rationalisation of taxes and the reduction of stamp duty from the current 8 percent to 5 percent. “This year’s home loan mela will ensure and provide the best offers to the customers,” B Ramesh Babu, chief general manager, State Bank of India, said. “With the transparency and better range of products that SBI offers, it is easy and convenient for people to avail loans. This has led to an annual growth rate of 18 per cent last year.”
Eighty builders and developers will be participating in the mela and banks like SBI, PNB Housing Finance Ltd, LIC Housing Finance Ltd., HDFC Home Loans, ICICI Bank, Axis Bank, Indian Bank and Aditya Birla Finance Home Loans.
