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Time to buy property is right now: CREDAI-Telangana
Claiming that the sector remained unaffected following demonetisation move by the Centre, they said the real estate prices could go up by 20 per cent with GST and Real Estate Regulatory Act (RERA) coming into effect next year.
Hanamkonda: This is the right time to buy real estate property, asserted the office bearers of Confederation of Real Estate Developers Association of India (CREDAI), Telangana unit.
Claiming that the sector remained unaffected following demonetisation move by the Centre, they said the real estate prices could go up by 20 per cent with GST and Real Estate Regulatory Act (RERA) coming into effect next year.
Speaking to press persons in Hanamkonda on Thursday, the CREDAI state unit president G Ram Reddy, its honourary secretary Ch Ramchandra Reddy and the association Warangal chapter president ES Prem Sagar Reddy complained that some section of the media has been spreading rumours on fall in business in the sector.
The association is making efforts to present a real picture to the public on the real estate scenario in the State capital as well as in the districts. “The fact is that enquiries by prospective buyers have actually gone up in Warangal even after withdrawal of Rs 500 and Rs 1,000 currency notes,” said Prem Sagar Reddy.
There are nearly 100 registered members with CREDAI here, besides several other unorganised developers, accounted for a combined business of Rs 100 crore annually and the business is not affected, he added.
The association state president Ram Reddy pointed out that in apartments segment, cash component is very less as about 90 per cent purchases takes place through loans from banks and hence there is no impact in that segment.
On the other hand, he said “There is a fall in sales related to open land/plots. Like every other sector in the country, real estate sector too has stumbled into a pause mode, which will be overcome in one or two months after that the prices will go up”.
The association has asked the government to decrease the registration charges. In addition to that the housing loans may be available at 7 to 8 per cent interest rate as banks are flooded with money.
These will lead real estate business to pick up further, he explained.The association secretary Ramchandra Reddy said wait and watch approach is not advised.
If anyone intending to buy real estate property they have to do it now. All the organised developers affiliated with CREDAI will benefit in the long-run due to demonetisation and with the RERA.
