Post News Network
Bhubaneswar, Jan 3: Real estate sector in the state is hopeful of revival in growth this fiscal (2015-16) and eyes around 30 per cent rise in sales on the back of a host of factors which include resumption of mining operations.
Cheaper home loans after the repo rate cut by RBI along with proposed implementation of 7th Pay Commission will give further boost to the real estate sector, developers said. “As Orissa’s growth is closely linked to the mining sector, resumption of mines brings good news for the state economy. On this backdrop, we expect the real estate sector to achieve 25-30 per cent growth by the end of March 2016,” President of Association for Orissa Real estate Developers (AFORD), Umesh Patnaik said at an event in which the association distributed blankets to needy people of the city.
He also said the sector has seen 10-15 per cent growth during the third quarter (October- December) and will gain momentum during the last quarter. “Total inventories of our members stand at 1000 units as of now out of which 300 units are ready to sell,” Patnaik said. He also said that the association would host a housing expo ‘AFORD Homes Expo 2016’ on 15 January, which will last for two days. Around 30 developers will take part in the exhibition and 40 projects will be showcased during the event. “We are hopeful to receive 3,000 footfalls during the expo, which is going to be held at Saheed Nagar in the city,” he said. Real estate sector has gone through tough times in recent years due to lack of demand. Closure of mines coupled with general slowdown in state’s economy was the key factors behind such deep slide in demand environment. However, things are slowly looking up after resumption of mining operations in the key mining zones of the state. Also, reduction in home loan rates has increased interest of home buyers in recent months.
