Demand for luxury apartments is improving in the state capital
Demand for luxury housing in the state capital has improved over the past six months due to lower prices and mortgage rates, but industry experts say stamp duty needs to be lowered to give another boost.
Amit Goyal, CEO of India Sotheby’s International Realty, said in a webinar on Delhi-NCR’s luxury housing market that Circle prices in Delhi should be streamlined as market prices are 30-40 per lower than Circle prices.
Rahul Bhargava, Joint General Manager, HDFC Ltd, Anubhav Jain, CEO, Silverglades Group and Ravinder Singh Ahuja, CA, Founder RS Ahuja & Co also attended the webinar.
“Over the past 8-9 years real estate prices have only gone down. So it is high time that circular rates were streamlined now. I wish there was a stamp duty cut, as has been done in Maharashtra and some other states. Even internationally, countries like the UK and Malta have done the same, ”he said in a statement.
The governments of Maharashtra and Karnataka have lowered stamp duties for real estate registration.
Last month, the Delhi government cut residential, commercial and industrial property quotas by 20 percent for the next six months, but industry players advocated further rationalization.
Goyal said demand is much greater than supply in the market today due to the backlog, low interest rates and an unprecedentedly high stock market.
“There are some profit posting from other asset classes and money is flowing into real estate,” he said.
Goyal said property prices have not increased but rather decreased over the past decade.
“The location has become important after the lockdown because people want to improve their lifestyle. You don’t want to travel too much for work and leisure, ” Jain said.
Bhargava said loan payouts exceeded pre-COVID numbers.
“The April through May payouts were negligible, but now we have topped our pre-COVID numbers and we can see that trend will continue,” he added.
Ahuja said property prices and interest rates are the lowest, which has created a very attractive and positive environment.
Goyal said maximum demand is Rs 15-25 crore and the top three markets are Sundar Nagar, Jorbagh and Shantiniketan in the state capital.
HDFC Home Loans and India Sotheby’s International Realty are jointly organizing the Delhi Luxury Home Fair 2021, an online real estate fair from March 6 to 21.
The show features luxury real estate including ready-to-move homes and new developments across Delhi NCR in a price range from Rs 5 crore to Rs 150 crore.
(This story was not edited by Devdiscourse staff and is automatically generated from a syndicated feed.)