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Demonetisation move is expected to help in the revival of demand in the housing niche as houses are going to be more affordable and genuine home buyers can look forward to more transparent deals. This is the thought and expectations of CEO and MD of National Housing Bank, Mr. Sriram Kalyanaraman.
According to Mr. Sriram, there is always a long term requirement of housing finance and the note ban move can have a long-term impact which is not only expected to bring a lot of benefits to the industry but also to the end consumers. After this radical decision, many prominent housing builders have started putting the system of e-payment and receipt in place to make transactions more transparent and convenient. With a marked reduction in cash dealings, the property contracts will be done with greater transparency. The real estate sector will become more professional in its dealings, and the sales are going to increase in the near future.
Answering the question about the reduction in home prices, he stated that housing prices are expected to get a correction. This time it is in no way a depressing scenario. In some time, the house prices are supposed to be stable, and the dealings will become fairer. This will also pave the way for increase in housing demands. He further stated that the transactions are already being routed to the banking system by the Housing Finance Companies. Although the delay in paying EMIs by the individuals is expected, there is not going to be any severe impact in the long run. Walking on the same path as RBI, NHB has already released a circular wherein it has been clearly stated that individuals are allowed 60 additional days for loan account recognition as sub-standard. This decision has been taken subject to Rs 1 crore original sanction amounts or less.
He further said that there might be a drop in the sanctions of the home loan, but it is going to be just a temporary phase which is soon expected to pick up. The Government is also taking significant steps under Pradhan Mantri Awas Yojana on housing, and this is sure to bring about an improvement in the supply and demand for affordable houses.
The approval process is also being expedited using the policy of single window clearance system helping to enhance supply. In light of this decision, construction work can begin in a span of 6-8 months by the builders. The approval process has already been fast-tracked by some states like Gujarat, Madhya Pradesh and Rajasthan. By the year 2022, the Government is also targeting to achieve “Housing for all” which is an ambitious project. Thus, demonetization is a bold move which is going to have a positive impact on the real estate sector in the longer run.
The concept of affordable housing or housing for all is a boon for buyers or investors who are looking forward to booking an apartment in Delhi/NCR region. Amongst a gamut of reputed builders, Wave Infratech is one such name that has carved its niche with its flagship project Wave City at NH-24, Ghaziabad. Enveloping multiple residential and commercial options for one and all, Wave City’s Dream Homes is not to be missed by a true researcher. Starting from INR 15.99 lakhs, this affordable housing boasts 1, 2 and 3 BHK residential apartments with state of the art amenities and facilities.
If you too are looking forward to purchasing an affordable home, then you are on the right page. Get in touch with the product experts of Wave City and understand about market direction and affordable housing in detail.
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