After a long gap, can housing sector become the engine of India’s economic revival?
According to RBI data, India’s household financial savings climbed to 21.4 per cent of GDP in the June quarter from 7.9 per cent the previous year.
Synopsis
The current uptick in sales after a long drought has come as a big relief. This has been brought about by a confluence of factors — low interest rates, cooling home prices, great deals and government sops.
It was on Srikant Patel’s mind for a long time. Ever since the 51-year-old shifted base to Delhi in 2011, the private sector executive wanted to buy a house. “We have one in Hyderabad but we have been living on rent in NCR (National Capital Region),” he says. For one reason or the other, it never seemed like the right time to buy a home in NCR. The last five years were especially so when inflated prices, stuck projects and bankrupt developers
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