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Realty developers expect pick-up in demand in festive season

MUMBAI: Despite sluggishness in the real estatesector, top developer body MCHI-Credai expects an increase in demand from buyers during the festive seasonon the back of new project launches and easing of funding norms by financial institutions. 

"Home buyers have literally been sitting on fence due to various reasons. But now prices have stabilised. With more and more new projects coming up and easing of funding norms, we expect a huge demand from buyers which may also translate into them purchasing properties," MCHI-Credai Secretary Boman Irani told reporters here today. 

MCHI-Credai is organising a four-day expo from November 1 at Bandra-Kurla Complex, where 15,000 properties will be showcased and over 120 developers would participate. 

The expo, showcasing properties from across Mumbai and adjoining areas, will feature housing units ranging from one to 5 BHKs, studio apartments, duplex, penthouses, row houses, bungalows besides second and holiday homes. 

Irani said, "the properties to be showcased at the expo have received necessary approvals and have clear titles." 

"Some developers may offer freebies in view of the ongoing festive season. This will further fuel demand." 

Irani said reduction in interest rate is a positive indication for home buyers. 

"Funding norms have been eased by financial institutions and this will boost the decision-making for the genuine home buyers. One per cent interest subvention for loans up to Rs 15 lakh and 0.5 per cent rate cut inCRR and repo rate have improved consumer sentiments."