Navi Mumbai: Repo rate hike impacts enthusiasm of homebuyers during much-awaited property exhibition

The recent hike in repo rate by the Reserve Bank of India will have an impact on buying properties during the property exhibition to be held this week in Navi Mumbai. The rise in the interest rate on housing loans will impact the enthusiasm of buyers. Builders Association of Navi Mumbai (BANM), the developers’ body sees the development as having a minor impact on overall business during the exhibition.

While the central bank’s step is believed to control the inflation, many homebuyers say they will wait sometimes to take a call on buying a dream home.

BANM is holding its property exhibition after a gap of three years and it expects that both buyers and developers will get benefited. Haresh Chheda, president of BANM said that the developers’ body could not hold a property exhibition in 2019 due to the GST issue, and then there was a pandemic for two years. “Buyers, as well as developers, wait for a year for BANM’s property exhibition. Now, their wait is over,” said Chheda.

He assured that homebuyers looking for affordable homes will get an opportunity during the 20th property exhibition of BANM to be held from May 13 to May 16 in Vashi. Chheda said that houses between Rs 20 lakhs and 25 lakhs will be available in Karjat and Khopoli in the property exhibition.

However, the sudden rise in the interest on home loans will certainly impact the buyer’s mood. Devang Trivedi, Chairman of BANM admits that it will have an impact. However, he said that it will be negligible. “It will impact the enthusiasm not much on the overall business,” said Trivedi.

With a number of infra-projects nearing completion, developers are expecting a good response during the four-day exhibition. Trivedi expects the four-day exhibition will turn out to be around Rs 1000 crores business for developers.

Apart from affordable homes, buyers will also get premium houses during the exhibition. “There are projects near the NRI complex along Palm Beach Road. A couple of luxury properties will be available in Sanpada along the Palm Beach Road that will cost a few crores,” said Trivedi, adding that the redevelopment project in Vashi by Arihant and Godrej offers premium category homes.

Published on: Wednesday, May 11, 2022, 06:50 PM IST