INDUSTRY

Demand for housing robust amid Union Budget sops, Repo Rate cut: CREDAI

Housing demand continues to be strong and is expected to grow further on the back of tax incentives offered in the recent Union Budget and a recent Repo Rate cut, CREDAI President Boman Irani has said.
CREDAI is an apex body for private real estate developers.
In an interview with the PTI, Mr Irani asserted that there are no signs of demand slowdown in the Indian housing market and added that it will continue to rise in the long-term horizon.
However, he said that there could be an impact in some markets that are “over-heated”, but overall at the pan-India level, there are no concerns at all on the growth going up. ‘Short-term blips in a real estate cycle are not something that we need to worry about. We need to see long-term growth,” he told the PTI in Nashik, where CREDAI had recently organised its two-day conference.
Asked whether the frenzy and euphoria seen in the last three calendar years has subsided, Mr Irani said, “I don’t think so.”
He cited the property registration data of Mumbai market for February this year to prove his point that demand remains intact.
Registration of properties in Mumbai municipal region remained flat in February at 12,000 units.
Mr Irani said that tax incentives offered in the Union Budget and the recent 25-basis-point reduction in the Repo Rate would improve housing demand.

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