Chanda Kochhar, CEO, ICICI Bank, sees a change in your sentiments.
Ms. Kochhar feels that you are in a mood to purchase home.
She claims that more home buyers are closing deals.
Chanda admits that "we" are not yet back to last year's levels.
But CEO of ICICI Bank sees an "improvement".
Why Chanda Kochhar thinks so? Because of the new rate cuts, ICICI's home loan interest rates, up to Rs. 30 lakh would be 9.25% (same as HDFC) and above Rs. 30 lakhs between 10 % to 11 % (depending upon you profile).
Add to it public sector banks' plan to cut the home loan interest rates by mid June!
Are these "rate cuts" changing your mood? Tell me!
Do you fear that these interest rate cuts would change the "mood" of builders to cut the property rates?
Are you going to hear threatening statements like "Book Today. We are increasing rates from Tomorrow." when you will visit the "Best of East Pune" property exhibition starting from today?
Will you be forced to buy an affordable home?Worried about NPA, i am sure, public sector and private banks will support the real estate developers demand for extension of tax holiday for five years under Section 80-IB(10) for housing projects approved after March 31, 2007.
To give "a fillip to other industries" such as cement, iron and steel besides generating employment opportunities, Rahulbaba and his mom will order PM to give fiscal incentives to the real-estate sector for constructing affordable homes, for Rahulbaba's fans, in urban areas.
Result is, you would be forced to buy, the so called, an affordable home. An Affordable home, as Sansei says in his comment:
Affordable house means small house:-I am sure, you will agree with Sansei and join him to ask:
Where one cannot keep a fridge in kitchen.
Where one cannot keep a washing machine in bathroom.
Where one cannot keep a Big TV + Home theater in living room.
Which is Indian peoples aspiration and very affordable.
"Why can't builders reduce their margins a bit and share some booty i.e profits with Aam admi?""Why should we? We share our booty with Rahulbaba. We share it with Chanda. We share it with Deepak. Why the hell should we share it with Aam Admi?," all builders will wonder!
What say you? Can you see this trend in Pune real estate market? Where would property rates go in 2009? Do you see more publicity stunts like launching of Nano Homes? Share your views in the comments!
Related Story:Home loans will get cheaper as ICICI, HDFC reduce rates
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