Sales predicted to rise 20% in Indian cities for festival season

Housing sales in India are expected to improve by around 20% on a year-on-year basis during the coming festival season, according to a developers’ body.

The Confederation of Real Estate Developers’ Association of India (CREDAI) spoke to reporters today, saying that they expect buyers who have been waiting for favourable conditions to start purchasing in the next couple of months.

“Buyers waiting for last two years to buy homes are expected to purchase properties as interest rates on home loans have come down and there is a positive signal that it will reduce further," said CREDAI president Lalit Jain today.

“[The increase in housing sales] should be at least 20% in the major 26 cities of the country,” Jain continued. He said, however, that small cities were unlikely to see much of a rise.

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