Prime Minister, Mr. Narendra Modi announced the interest subvention for housing loans for both middle & poor class. It was soon followed by rate cuts from various banks that include government-owned, State Bank of India.
The decision was welcomed by the home buyers and real estate fraternity. However, the present question that remains is, whether a rate cut can revive the chance of the real estate sector that is struggling with liquidity crunch and slow sales.
The interest rate cut for home buyers:
The Impact of Job Market on Real Estate:
The increase in the job market is directly linked with the boom in the housing market. The final rally of the property IT/ITeS sectors. In 2014, when Modi Government took charge, for a full year 4.93 lakhs jobs were added, across the eight employment-intensive industries – powerloom/handloom, BPO/IT, transport, jewelry and gems, automobiles, metals, leather and textiles. According to the Labor Ministry’s 27th Quarterly Employment Survey of the 8 employment-intensive industries, the first quarter of FY 2015-16, there were almost 43,000 job losses. In 2010, at their peak, these sectors added 1.1 million jobs.
Fundamental Challenges remain although Interest Rate Cuts may Boost Sentiments:
Key Declaration Along with Rate Cut
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