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Real estate business shows signs of revival in Jaipur |
The festive season approaching, the real estate business shows signs of revival in Jaipur.
The bankers' decision to reduce the rate of interest against the home loans appears
to have triggered the turnaround. The trickle of customers, which had long dried
up, has turned thick. "The slowdown was due to the high rate of interests. Earlier
the rate of interest was eight percent to nine percent, which had gone up to 12
percent to 13 percent. So, it was beyond the pocket of the customers to buy a
property at these rates of interest. Hence people dropped their ideas of buying
a flat or property," said Dhirendra Madan, President of Mahima Group. "The bankers
reduced the interest rates to eight per cent from nine per cent, following the
intervention of the government. Now people have begun to make a bee line for a
flat or land," he added. "Many builders are now providing flats at reasonable
rates along with many facilities. Earlier, there was fear due to recession that
if we buy a property what will be its future, what if we don't get any returns
from the property? But now with reduced rate of interests and the upward trend
in the real estate market, one can think of buying a property or a flat," said
Kapil, a buyer. Lots of money are expected be pumped in to the real estate sector
of Jaipur during next four to five years. |
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