Correction in prices makes Delhi's luxury properties attractive: HDFC

A temporary cut in circle rates by 20 per cent and lower interest rates are also factors

Luxury residential properties in the national capital have become attractive because of correction in prices, a temporary cut in circle rates by 20 per cent and lower interest rates, HDFC MD Renu Sud Karnad said on Friday.

Homebuyers are actively looking at purchasing prime residential properties, she said.

HDFC Home Loans and India Sotheby's International Realty are jointly organising Delhi Luxury Home Fair 2021, an online property show during March 6-21.

The show will exhibit luxury properties including ready-to-move-in homes and new developments across Delhi NCR in a price range of Rs 5 crore to Rs 150 crore.

HDFC always aims at giving customers the best value and service on home loans. With a circle rate reduction of 20 per cent in Delhi and home loan rates at a historic low, home buyers are actively looking at buying good quality property," said Renu Sud Karnad, Managing Director, HDFC Ltd.

Further, she said, the property prices over the past couple of years have seen "price and time correction" making the luxury houses in the capital even more attractive.

"With sentiments and confidence returning back, its possibly the best time to buy a house. With people now embracing technology, even the convenience of buying a property by availing home loans online has improved the efficiency quotient," Karnad said.

The selection of properties on showcase at the Delhi Luxury Home Fair 2021 will comprise coveted properties from Delhi's most sought after markets, Jor Bagh, Vasant Vihar, New Friends Colony and also apartments from select luxury projects of Gurgaon and Noida.

Amit Goyal, Chief Executive Officer, India Sotheby's International Realtysaid: " Our first home fair in association with India's largest mortgage lender HDFC Home Loans in November 2020, was a big success. This has prompted us to partner with HDFC Home loans, yet again, to bring exclusive benefits for home buyers, including for NRIs."

He said the company also provides services such as tax and wealth advisory, property evaluation and re-development, to support quick closure of transactions and time efficiency led savings for HNI buyers.

Last month, the Delhi government reduced the circle rates of residential, commercial and industrial properties by 20 per cent for the next six months, making it "substantially" cheaper for people to buy real estate in the national capital.