MUMBAI | BENGALURU: Indian homebuyers are gradually returning to the real estate market thanks to favourable property prices, cuts in the goods and services tax ( GST ) and an expectation of lower interest rates. Housing inventory was slashed by 44% — to 66,820 units in the March quarter from 118,700 units two years ago. In short, NCR has halved its unsold housing inventory overhang from 90 months to 45 months in the two years.Anarock’s recent Consumer Sentiment Survey confirmed that over 60% of prospective buyers plan to take the property plunge in 2019. Earlier this month, the State Bank of India (SBI) reduced its marginal cost-based lending rate (MCLR) by 5 bps across all tenors. With the latest MCLR cut, the reduction in home loan rates since April 10 stood at 15 basis points.

Source: Economic Times May 28, 2019 01:41 UTC