New Delhi: Housing sales have started showing signs of improvement but full recovery is expected only in the next financial year, realtors’ apex body CREDAI said on Wednesday.

Amid rising consumer complaints, CREDAI asked aggrieved home buyers to first approach the industry body’s Consumer Grievance Redressal Forum to resolve the matter.

“Housing sales have started to improve. Transaction are happening in Delhi-NCR as well as other cities. Sales are expected to further increase during festival season," CREDAI national president Getamber Anand said.

He said there is a huge demand for housing but buyers are in a wait-and-watch mode. “We expect marked improvement in housing sales only in the 2016-17 fiscal," Anand said, adding that sales would pick up if interest rates on home loans come down to 9% level. Real estate industry is witnessing a huge slowdown from last few years due to sky-rocketing property prices and high interest rates.

The sluggish property market, particularly housing segment, has resulted in liquidity crunch to developers and significant delay of 6-7 years in completion of projects.

Asked about housing prices, Anand said it is expected to remain stable. However, he said the rates could move up if there is an increase in input cost. On rising buyers’ protest and their complaints at various forums, including the CCI (Competition Commission of India), CREDAI-NCR president Manoj Gaur said:

“We have resolved about 1,350 complaints out of 1,739 complaints received. Rest 390 are also in process. So we request home buyers to first register complaints to our Consumer Grievance Redressal Forum". Earlier this year, Property consultant JLL India had said that housing sales are estimated to rise this year to 1.92 lakh units in the country’s top seven cities—Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune. Housing sales fell to 1.75 lakh units in the primary markets of seven major cities in 2014 as compared to nearly 2 lakh units in the previous year.

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