Interest rate hike has not deterred most home buyers: survey

Nearly 70 per cent of the developers in the Delhi National Capital Region (Delhi-NCR) have seen no impact on housing demand from the recent hike in interest rates on home loans, according to a survey by realtors' body CREDAI. In a survey conducted between June 21 and June 30 by CREDAI-NCR, around 68 per cent of respondents said there has been no impact on demand from the recent increase in home loan lending rates, while 27 per cent suggested marginal decrease in sales/enquiries. Addressing a press conference, CREDAI-NCR President Manoj Gaur said there has not been much impact on housing demand following the RBI's decision to hike the repo rate by 90 basis points in two tranches, even though banks immediately hiked the interest rate on home loans after the RBI's move. Gaur rued that the banks do not pass on the benefit with similar promptness when there is a decline in repo rate. CREDAI-NCR General Secretary Gaurav Gupta said 82.5 per cent of developers plan to launch new projects this year. Over 76 per cent of respondents prefer to launch housing projects. Nearly 50 per cent want to bring affordable housing projects in the price range of Rs 3,000-5,000 per square foot.Also Read: RBI rate hikes, higher costs fail to deter home buyers Housing market shows YoY increase of 3-9%