Real Estate Expects Home Sales To Rise In 6 Months

New Delhi: Majority of the stakeholders in the Real Estate sector including developers and financial institutions expect sales in the residential segment to increase in the coming six months, a Knight Frank report said on Monday.

According to the report, the positive sentiments can be largely attributed to the rationalization of the Goods and Services Tax (GST) for under-construction Estates and the multiple reductions in a repo, or the Reserve Bank of India’s short-term lending rate for commercial banks.

“With steps in the positive direction by the government and the banking regulator, majority of stakeholders have expressed optimism and expect policy interventions to positively translate into new residential launches and Real Estate sales in the coming six months,” said the report.

“The rationalization of the GST rate to 5 percent for under-construction flats and 1 percent for the affordable Real Estate and the housing sector has also played a significant part,” it added. (IANS)

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