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The report gives an overall macroeconomic overview followed by latest real estate updates and trends in each city through rental and capital value trends, new projects as well as market prognosis for 2013 onwards. This quarter, the premium residential markets in India have shown an upward trend, with capital values increasing in the range of 5 to 10% QoQ. The Reserve Bank of India (RBI) reduced the repo and reverse repo rates by 25 basis points from 8.00% to 7.75% in Jan 2013 to induce immediate liquidity in the market. Following suit, a few banks such as SBI and HDFC marginally reduced their home loan rates by 5 to 10 basis points. The RBI also allowed Electronic Commercial Borrowing (EC B) for low cost affordable housing projects as a permissible end-use under the approval route. Now not only, developers and builders can avail EC B for low-cost affordable housing projects, but Housing Finance Companies (HFC s) and National Housing Board (NHB) can also avail of EC B for financing prospective owners of low-cost affordable housing units.
We anticipate that the mid-segment residential market will continue to remain active in markets like Bangalore, Pune, Chennai and NOIDA due to their favourable affordability quotient in the medium term. Meanwhile, markets like those in Mumbai, Delhi and Gurgaon will continue to fetch premium value in the luxury segment.
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