A Flat in Trivandrum
Still dreaming about owning a flat in Trivandrum? Signs from the market are looking good, says industry leaders.
Confederation of Real Estate Developers’ Associations (CREDAI) is now stating that the big slump industry expected to happen after the historic demonetisation drive did not really happen. The lull, which happened after the November 8 announcement, was brief and the real estate sector in the city is bouncing back.
CREDAI officials said that a slump of 20 to 30 per cent was expected, but the industry survived without much impact. They attribute the initial slump, immediately after the announcement of demonetisation, to unfounded theories and predictions that were floating around. With social media going hyperactive, many outlandish projections were put forth. The impact, though immediate, did not last long.
Many of the prospective buyers put their purchase on hold, expecting the price to fall. Once this did not happen, the real estate shifted to recovery mode, say the industry watchers.
Land price did not affect flat sales
Another key factor expected to have an impact in the sales of apartments and flats was the drop in the price of land after the demonetisation. It is pointed out that the land and its value is just one of the many components that influence decisions about apartment projects. Most of the apartment projects were back on track within two months after the demonetisation was effected, said media reports.
On the positive front, there was a rise in deposits and banks responded by easing home loans. This was a support for the builders and the environment once again became favourable for genuine investors looking for returns in apartments and villas.
Reports from the different registration offices also show that the slackening in land sales happened only in November and December and then it picked up. So if you are still thinking about owning an apartment in Trivandrum, the time is right.