The demand for luxury housing properties in the national capital has enhanced in the final six months on low rates and residence loan interest prices, but there is a want to lower stamp duty to give a additional increase, according to business authorities.
Addressing a webinar on luxury housing marketplace of Delhi-NCR, India Sotheby’s International Realty CEO Amit Goyal stated the circle prices in Delhi need to be rationalised as marketplace rates are 30-40 per reduce than the circle prices.
Rahul Bhargava, Joint General Manager, HDFC Ltd, Anubhav Jain, CEO, Silverglades Group and Ravinder Singh Ahuja, CA, Founder RS Ahuja & Co also participated in the webinar.
“In the last 8-9 years, property prices have only come down. So, it’s high time that the circle rates are rationalised now. I wish there is a stamp duty cut, just like how it was done in Maharashtra and some other states. Even internationally, countries such as the UK and Malta did the same,” he stated in a statement.
Maharashtra and Karnataka governments have lowered the stamp duties on registration of properties.
Last month, the Delhi government had lowered the circle prices of residential, industrial and industrial properties by 20 per cent for the next six months, but business players produced a case for additional rationalisation.
Goyal stated demand is a great deal higher than provide in the marketplace today, due to pent-up demand, low interest prices, an all-time higher equity marketplace.
“There is some amount of profit-booking happening from other asset classes, and money is flowing into real estate,” he stated.
Goyal stated home rates have not appreciated more than the final decade and rather have come down.
“Location has become important post lockdown because people are putting emphasis on upgrading lifestyles. They don’t want to travel too much for work and leisure,” Jain stated.
Bhargava stated the loan disbursements have surpassed pre-COVID numbers.
“April-May disbursement was negligible, but now, we have surpassed our pre-COVID numbers, and we can see this trend will continue,” he added.
Ahuja stated the home rates and interest prices are at the lowest, which has produced a extremely desirable and positive atmosphere.
Goyal stated the maximum demand is in Rs 15-25 crore bracket and the top rated 3 markets are Sundar Nagar, Jorbagh and Shantiniketan in the national capital.
HDFC Home Loans and India Sotheby’s International Realty are jointly organising Delhi Luxury Home Fair 2021, an on the internet home show from March 6-21.
The show will exhibit luxury properties like prepared-to-move-in houses and new developments across Delhi NCR in a value variety of Rs 5 crore to Rs 150 crore.