Wednesday, February 21, 2024

How much will this decision of RBI benefit home buyers?

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The MPC of Reserve Bank of India has disappointed the common people by keeping the interest rates on hold for the 6th consecutive time. There is another aspect to this also. In December, inflation figures were at a four-month high. RBI could also increase interest rates to reduce inflation. In such a situation, the decision to hold interest rates will be in favor of the common people. The special thing is that a few days ago, the country’s largest private lender HDFC Bank had increased the home loan EMI of its customers by increasing the MCLR rates. After which it was expected that some more lenders would increase the interest rates, but this has not been seen yet.

If experts are to be believed, be it private or government lenders, the country is moving towards elections. In such a situation, everyone from RBI to government and government institutions will not take any such risk which may anger the voters of the country who pay crores of EMIs. Experts even say on RBI’s decision that this is a special gift for home buyers. Keeping interest rates stuck or frozen is good for both buyers and developers. With this decision, the real estate sector of the country will get a boost in the current year also. Let us try to understand from real estate experts how this decision of RBI can be better for home buyers…

RBI’s right decision

Manoj Gaur, Chairman of CREDAI NCR and CMD of Gaur Group, says that this is a great decision of RBI. For the last one year, RBI has maintained the repo rate at 6.5 percent. There is sustained demand in the real estate sector, the commercial segment is performing exceptionally well, and the country’s economy is growing strongly. The residential segment will maintain last year’s momentum. I am confident that this sector will continue to show growth across the country like the previous quarters. The Reserve Bank has given big relief to the loan takers as well as the loan giving banks.

RBI’s new year gift

Managing Director of Group 108, Sanchit Bhutani said that not making any change in the repo rate even at the beginning of the year is a welcome step. The real estate sector is going to get a boom with this decision. On one hand, people of middle income group will get relief from the worry of paying high interest on home loan, on the other hand, there will be a rise in the purchase of both commercial and residential properties. RBI not increasing the repo rate shows its increasing confidence in the sector.

Relief to home buyers

SKA Group Director Sanjay Sharma said that we welcome the decision of the Reserve Bank of not changing the interest rates once again. Increase in interest rates would definitely have an adverse impact on the real estate sector. There is no doubt that the absence of increase in interest rates will increase the confidence of investors and the demand for residential property will increase further.

Economy continues to boom

Yash Miglani, Director of Migson Group, said that the Reserve Bank has not increased the repo rate even in its first meeting in 2024. Which is definitely beneficial for the real estate sector. The Reserve Bank had not made any change in the repo rate for five consecutive times in 2023. While not increasing the repo rate, the Reserve Bank has also taken care of continuing the economic progress in the country and keeping inflation under control. This is a very relieving news for buyers as well as investors. The Reserve Bank has given big relief to the loan takers as well as the loan giving banks.

Good news for real estate

Managing Director of Trisol Red, Pawan Sharma said that not increasing the repo rate once again is good news for the real estate sector. The lack of increase in repo rates in the last one year has proved beneficial for the real estate sector in every respect. This is a very relieving news for buyers as well as investors. Certainly this will further strengthen the market.

Commercial segment will also benefit

Spectrum Metro Vice President (Sales and Marketing) Ajendra Singh said that once again no change of any kind in the repo rate indicates that the Indian economy is completely strong. India’s economic condition is better in comparison to the global economy. In every respect, this step taken by RBI is very beneficial for the commercial and residential real estate sector. We hope that this entire year proves to be good for investors.

Investors’ morale will increase

County Group Director Amit Modi said that once again RBI has not made any change in the repo rate which is definitely beneficial for the real estate sector. Especially the morale of home buyers and investors will be higher. This is a clear indication that the country’s economy is continuously performing well.

will promote stability

According to Nayan Raheja of Raheja Developers, the reality sector welcomes the decision of RBI to maintain the repo rate. This move by RBI will promote stability and increase confidence among stakeholders including home buyers and investors. However, the repo rate at 6.5% remains at a 4-year high, and its withdrawal will provide a boost to the affordable housing segment.

There will be growth in the housing market

Ansal Housing Director Kushagra Ansal says that RBI’s decision to maintain the current repo rate has been approved. While the real estate sector was expecting a slight slowdown, the decision underlines stability. This positive environment promotes growth and opportunity in the housing market, benefiting both buyers and developers alike.

Good sign for real estate

CII Co-Chairman Ashwinder R. Singh says that the Reserve Bank did not make any change in the repo rate even in the first meeting of 2024. The RBI MPC’s commitment to keep the repo rate stable at 6.50% and stable loan rates bodes well for India’s real estate sector, especially in terms of home sales and home loans. With stable rates, potential home buyers can enter the market with confidence, leading to increased demand for residential properties and easier access to home loans.

The decision regarding inflation is right

Sanjeev Kharbanda, CFO of Best Agrolife Limited, has welcomed the decision of RBI. He said that RBI’s decision to keep the repo rate unchanged at 6.5 percent is a good sign for the Indian economy. This will accelerate growth as well as keep inflation under control. Rising food prices were one of the disadvantages cited by the governor. We believe this strategy will work well and the agrochemical sector welcomes this step.

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