From ET Realty
NAGPUR: The real estate market has remained flat since last two years, which is good for the buyers. The demand has been growing in the mid and low segment, which can be seen through home loan figures. However, no major hike in rates is expected due to over supply of properties in the market, said Kumar Gera, founder president of Confederation of Real Estate Developers Associations of India (CREDAI).
He was talking to TOI on the sidelines of his talk on managing family businesses organized by Vidarbha Economic Development Council (VED) on Sunday.
Gera said the market is expected to remain similar in the near future. Builders have been able to sustain because the rates of construction material have also gone done. However, even for the realtors, a market like this is preferable, as high prices benefit none but the speculators. In the current situation, it is the end-user who buys real estate and not the speculator, said Gera.
“Though the rates may have come down in some pockets like NCR and Delhi, they have been flat in the rest of the country. Not only constructed real estate, but the rates of vacant land have been more or less stable during the last two years,” said Gera.
Earlier, during the talk on managing family businesses, Gera stressed on having trust and transparency between members. This avoids family partitions, he said. “The aspirations and emotions of all family members taking part in the business should be considered and taken care of. Even non-working members of the family, like wives, should be informed about the business affairs to ensure transparency in business,” he said.
Gera cited the example of his own firm, where certain members do not have a stake in the business but still work as employees. Even they have understood their position in the family concern with clarity and this maintains cordiality. Though, as members of a family, there has to be a little liberal approach to such employee. “It is always easy to get an outsider at much less cost, but that will not bring the loyalty which a family member may have,” he said.