Realtors’ body NAREDCO president G Hari Babu on Friday demanded that interest on home loans should come down to around 6 per cent to boost sales that have fallen during the first six months of this year across the top seven cities.
He attributed the fall in housing sales to excess supply, sharp rises in prices of residential properties and global economic uncertainties.
Real estate data analytics firm PropEquity has reported a 19 per cent drop in sales during the current April-June period and a 23 per cent fall in the preceding quarter across 9 major cities. Property consultant Anarock has estimated a 20 per cent fall in the latest June quarter in the top 7 cities.
When asked about the reason for this fall, Hari Babu said, “Housing prices have increased significantly in the last three years, affecting the affordability of prospective customers.”
Salaries have not increased so much that it can match the appreciation in the housing prices, Hari Babu said on the sidelines of a confere