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Ahmedabad: Call it the classic dream for your home or the growing appetite for luxury, boom residential Real estate is real, with home loan disbursements almost doubling in three years.
According to the latest quarterly report released by the State Level Bankers Committee (SLBC) on Thursday, the outstanding loans under housing finance increased from Rs 77,065 crore in the September quarter of 2019-20 to Rs 1.51 lakh crore in the September quarter. 2022-23 – Up 97%.
According to developers, the ambition to own a new home and even upgrade it has only increased since the pandemic.
“With the influx of foreign nationals, executives working with multinational corporations and increase in disposable income of young professionals, the appetite for uber luxury grew here. As a result, the demand for premium and luxury segment homes increased in a big way, resulting in the last few The overall disbursement increased over the years,” said Ajay Patel, Chairman, CREDAI Gujarat,
The 175th meeting of SLBC Gujarat was held in Ahmedabad on Thursday. Bankers also attribute the increase in disbursements to the lower interest rates.
A senior official said, “The spurt in deliveries indicates an increase in demand over the last three years, mainly driven by Covid-19. Lower interest rates and the need to own homes are expected to increase the demand for new homes.” were the key drivers.” Of SLBC – Gujarat,
In April this year itself, developers’ body CREDAI announced a hike of Rs 300-500 per sq ft in property prices across the state. This is especially true for Ahmedabad, where the home affordability index is set to decline from 25% in 2019 to 22% in 2022, according to a Knight Frank India report released on Thursday.
At the same time, the cost of residential spaces also increased over time, resulting in an increase in the total disbursement as well,” adds the SLBC – Gujarat official.
Interestingly, if one compares the three-year period from September 2016 to September 2019, the growth in home loan disbursements was around 41%, which was less than half as compared to the previous three years. Increasing migration from small towns and rural areas to major cities is also one of the major reasons for the increase in home demand by developers.
“Wealthy people from semi-urban areas always look for better living standards and good infrastructure in cities and as a result the residential segment is booming in major cities of Gujarat. Better infrastructure and job opportunities attract youth to the cities of Gujarat. In return, CREDAI Gujarat Chairman Ajay Patel told that potential new home buyers.
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