While Mr Pradeep Jain, Chairman of Parsvnath Developers, feels the boom is back in the real estates sector, the Economic Times in it’s article - Real Estate: Correct time to innovate – feels otherwise.
It says:
It is quite clear now that after a fairly long bull run, the Indian real estate sector has begun to show signs of slowing down to a more realistic equilibrium rate of growth. In fact, the present changes that Indian economy and real estate sector is going through can also been seen as the test of the resilience of the economy and our real estate sector.
And then, Moneycontrol.com has quoted The Minister for Urban Development Jaipal Reddy as saying that he is not too happy with the second stimulus package.
In a letter originally written to the PM on Thursday, a day before the package came out, Reddy wanted banks to lower interest rate on home loans from 9.25% to 7.5% for loans up to Rs 30 lakh. The minister also asked for the doubling ofincome tax rebate on home loan interest to Rs 3 lakh and income tax exemption on rentals to be raised from 30% to 50%.However, my understanding says that the boom has yet to come, but the process 'towards stability' has begun. In other words it’s not exactly a bad time to buy a house.
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