Housing sales have remained lower than expected so far during the current festival season mainly due to high interest rates and the demand is likely to pick up only in the next 6-8 months, according to a report by Knight Frank and Ficci.
The demand for housing finance will continue to grow in the future but there was a need to develop more statistical tools to gauge the evolving trends, Reserve Bank Executive Director Deepak Mohanty said Friday.
Maharashtra government's decision to increase the ready reckoner (RR) rates in the city will impact the housing demand as it will raise stamp duty, according to real estate consultancy firm Jone Lang LaSalle (JLL).
Housing demand, which has been hit
by the economic slowdown, is expected to rise up to 30 per
cent by the end of this year with maximum demand being seen in
the price bracket of Rs 5-25 lakh, says a FICCI survey.