For the past half-decade, the real estate sector had been reeling heavily under the severe pressure of decreasing demand, slowdown in economy and soaring property prices across the country, primarily in metro regions such as Delhi/NCR, Bengaluru, Kolkata, Mumbai and others.
It was just a matter of time when the saturation would be reached and customers will start disappearing from the market. Indian realty sector had really started to witness such a scenario where the demand for property was actually hanging by a thread and customers were unable to buy a property due to unaffordable prices and economical dampness. Off late though, the market has started to respond well with sentiments improving and customer footfall increasing at project sites. “A very basic way of understanding whether the market is reviving or not, is when the customer queries and footfall on sites are increased.
After the SBI rate cut Neptune Group like other builders are hopeful that a fall in interest rate will somewhat uplift the sector. The decision to cut key interest rate is likely to reduce borrowing cost for both home buyers as well as developers which leads to increase the housing demand. This step of RBI is to seek further cut in interest rates as well as policy reforms for the growth of realty sector because this sector is facing a huge demand slowdown in last few years.