HDFC MD Renu Sud Karnad on Friday revealed that the luxury residential properties in NCR have started to look attractive due to correction in prices, a temporary cut in circle rates by 20% and lower interest rates. This resulted in more and more homebuyers looking at purchasing prime residential properties.
Last month, the Delhi government reduced the circle rates of residential, commercial and industrial properties by 20% for the next six months, making it "substantially" cheaper for people to buy real estate in the national capital.
Meanwhile, several banks have recently cut down the interest rates on home loans. HDFC on Wednesday reduced home loans interest rates by 5 basis points to 6.75%. The changes will be effective from 4 March, the company said in a regulatory filing.
"HDFC reduces its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from March 4, 2021," the lender said. The change will benefit all existing HDFC retail home loan customers, it mentioned.
Karnad said: With a circle rate reduction of 20% in Delhi and home loan rates at a historic low, home buyers are actively looking at buying good quality property.
"With sentiments and confidence returning back, it's possibly the best time to buy a house."
HDFC Home Loans and India Sotheby's International Realty are jointly organising an online property show Delhi Luxury Home Fair 2021 to be held between March 6 and 21.
The show will exhibit luxury properties including ready-to-move-in homes and new developments across Delhi NCR in a price range of ₹5 crore to ₹150 crore.
The selection of properties on showcase at the Delhi Luxury Home Fair 2021 will comprise coveted properties from Delhi's most sought after markets, Jor Bagh, Vasant Vihar, New Friends Colony and also apartments from select luxury projects of Gurgaon and Noida.
Amit Goyal, Chief Executive Officer, India Sotheby's International Realty said: " Our first home fair in association with India's largest mortgage lender HDFC Home Loans in November 2020, was a big success. This has prompted us to partner with HDFC Home loans, yet again, to bring exclusive benefits for home buyers, including for NRIs."
(With inputs from agencies)
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