Jaipur, Oct 7 (ANI): 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. (ANI)