India’s real estate market could be in for an early New Year boost after the government started to work on a second financial stimulus package.
Officials are again looking at making home loans more affordable for middle class buyers in an effort to alter faltering property sales.
Banks and politicians have already worked to reduce interest on home loans worth up to Rs 20 lakh, but this ceiling has been branded as far too low by buyers in bigger cities where prices for homes remain typically much higher.
According to the Times of India, the level could be raised to Rs 30 lakh in a big boost for those looking to buy in places like Mumbai, Bangalore, Pune, Chennai and Hyderabad.
Exact details of the package, branded ’stimulus-II’, may not be revealed for another two weeks, according to the paper.
The Associated Chambers of Commerce and Industry of India (Assocham) called on officials to put “confidence-creating measures” in any new booster scheme.
The group said:
“It must create confidence in a future that would encourage investors to invest rather than hold on to cash for fear of future losses of income and downsizing of companies.
“It should also inspire buyers to make purchases and increase the demand factor.”
Source : http://www.offplanpropertyexchange.com/news/2009/01/second-stimulus-package-for-indian-real-estate-market/586
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