The reaction of the realty sector has come to light on the announcement by the Reserve Bank of India that there will be no change in the policy rate i.e. repo rate on Friday. Realty companies say that this decision of RBI will make it easier for home buyers to decide. The cost of loan will remain stable. According to Bhasha news, however, a demand for reduction in the repo rate was made by the realty companies so that the real estate sector could be boosted. RBI on Friday kept the repo rate constant at 6.5 percent for the seventh consecutive time.
The decision shows confidence in the economic foundation of the country
G Hari Babu, national president of the National Real Estate Development Council (NAREDCO), said that the decision to keep the repo rate unchanged reflects confidence in the economic fundamentals of the country. This will create an encouraging environment in the new financial year. The estimated growth rate of seven percent in the financial year 2024-25 is also a good sign for continued growth in the real estate sector. However, he said that we request RBI to consider the policy rate in the upcoming review meeting.
Good sign for real estate world
Manoj Gaur, Chairman of CREDAI-NCR and Chairman of real estate company Gaur Group, said that the decision to keep the repo rate stable for the seventh consecutive time is a good sign for the real estate world. However, inflation figures are still a matter of concern. We hope that this step will help India control inflation. CBRE Chairman and CEO (India, South-East Asia, West Asia and Africa) Anshuman Magazine said this consistent stance by the RBI emphasizes the need to manage price stability amid inflationary pressures. This is good news for people wanting to buy a house as the cost of borrowing will not increase and buying a house will be easier.
The desire of buyers to buy houses will also be strengthened.
Vimal Nadar, senior director and head of research, Colliers India, said the decision provides a sense of continuity and confidence for the real estate sector. It will also provide a solid foundation for future investment and development initiatives. Apart from this, it will also strengthen the desire of buyers dependent on monthly installments to buy houses. Pradeep Agarwal, Founder and Chairman, Signature Global (India) Ltd, said the stable repo rate will provide credibility and confidence to home buyers. This stability will have a positive impact on the growth of the real estate sector.
A positive step towards reducing the financial burden
County Group Director Amit Modi said that this decision is definitely beneficial for the real estate industry. This decision of RBI will prove to be good for both investors and home buyers. Ajendra Singh, Vice President (Sales and Marketing), Spectrum Metro, said that the decision to keep the repo rate fixed at 6.50 percent is a positive step towards reducing the financial burden on potential buyers. Kushagra Ansal, director, Ansal Housing, said the decision to keep the repo rate unchanged will boost the launch of new projects and expansion of development in the emerging sector.
Expected boom in real estate sector
Saya Group Chairman and Managing Director Vikas Bhasin said that RBI’s step is welcome. This step will prove beneficial for both companies and potential buyers wishing to invest in this sector. MRG Group Managing Director Rajat Goyal said that the real estate sector has got relief from the Reserve Bank maintaining the repo rate for the seventh time. Yash Miglani, managing director of Migson Group, said that if the repo rate had been cut, it would have helped more in realizing one’s housing dream. SKA Group Director Sanjay Sharma said that the RBI decision is expected to lead to a boom in the real estate sector.
Piyush Lohia, Director, Lohia Developers Private Limited (India) said that the RBI’s decision to keep the repo rate unchanged is encouraging for the real estate industry. Aman Sarin, Director and Chief Executive Officer, Ananth Raj Limited, said that we appreciate keeping the repo rate unchanged. Stable interest rates are beneficial for the economy and conducive to positive consumer sentiments.
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