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Friday, June 7, 2024

RBI's decision boosted the real estate sector, home buyers will benefit


The monetary committee of the Reserve Bank of India has once again decided not to increase the repo rate. The repo rate will not be increased for the eighth time in a row. This relief news has been welcomed by home buyers as well as real estate businessmen.

The kind of decisions taken in the first RBI MPC meeting after the elections in the country will make millions of home buyers happy. The monetary committee of the Reserve Bank of India has once again decided not to increase the repo rate. The repo rate will not be increased for the eighth time in a row. This relief news has been welcomed by home buyers as well as real estate businessmen. They say that this decision will definitely strengthen the sector. Strengthening the sector will focus on creating more employment opportunities and people thinking of buying a house will get the biggest benefit from this.

The Reserve Bank of India decided to keep the policy rate unchanged for the eighth consecutive time. RBI Governor Shashikant Das announced this. This means that there will be no increase in the EMI of home loans. The repo rate has remained unchanged again, so banks will not make any changes in their loan rates. Due to which your EMI will remain the same for now. After this announcement of RBI, real estate developers expressed happiness and said that this decision will benefit both the property market and home buyers. Different giants of the real estate sector have given their respective reactions, calling this move of RBI better.

Affordable sector needs intervention

Manoj Gaur, President, CREDAI NCR and CMD, Gaur Group, says, “While a slight reduction in the repo rate could have further boosted the real estate sector, we welcome RBI's decision to not change the interest rate. One area of ​​concern is the affordable housing sector, which definitely needs intervention. Overall, this is a welcome decision, and the real estate market, which is experiencing an unprecedented boom with unsold stock at an all-time low, welcomes the move. This decision supports the growth and stability of the sector.

This step will reduce the financial burden

Sanjay Sharma, Director, SKA Group, said that RBI's decision to maintain the repo rate at 6.50 percent for the eighth consecutive time is a positive step towards reducing the financial burden on potential buyers. This decision is a good step to provide a significant incentive to potential buyers in the commercial sector to go ahead with their property purchase. Certainly, RBI's decision will give impetus to affordable and mid-range commercial projects. Sanchit Bhutani, MD, Group 108, says, "RBI has again taken a commendable step by keeping the repo rate stable for the eighth consecutive time. A stable repo rate provides confidence to investors and home buyers. This stability directly affects the growth of the real estate sector, which in turn contributes significantly to India's GDP and future growth prospects.

Enthusiasm will increase among buyers

According to Ankush Kaul, Chief Business Officer, Ambience Group, “RBI has maintained the repo rate at 6.5% for the last 16 months. This rate has been taken into account by the real estate sector for a long time. Stabilizing the rates has created a different excitement among potential buyers and their confidence has remained intact. As the festive season is approaching, this sector will encourage buyers to invest in both residential and commercial sectors. Amit Modi, Director, County Group says that RBI has taken a welcome step by keeping the repo rates unchanged at 6.50%. This move is beneficial for both developers and potential buyers wishing to invest in this sector. Pawan Sharma, MD, Trisol Red, explains that RBI's decision to maintain the repo rate at 6.5% is expected to give positive growth to the housing market. Despite rising housing costs, the unchanged home loan rates provide some relief to potential home buyers.

Increasing consumer confidence

According to Nayan Raheja of Raheja Developers, the RBI's decision to keep the repo rate unchanged at 6.5% for the eighth time has benefited the real estate sector in many ways. Consumer confidence is the first among these. Stability in interest rates increases confidence, making home buying more attractive and affordable. Apart from this, real estate becomes a more attractive investment compared to volatile options, which promotes domestic and foreign investment. Kushagra Ansal, Director of Ansal Housing, believes that the RBI's decision to maintain the repo rate will have a positive effect on the residential market. Despite the rising cost of housing, stable home loans provide some relief to potential buyers. As a result, stable interest rates benefit both buyers and developers, increasing consumer confidence.

RBI's concrete step towards the economy

Ashwinder R. Singh, Co-Chairman CII NR Committee Real Estate and CEO Bhartiya Urban said, “RBI's decision to maintain the repo rate at 6.50% is a strategically sound move that strengthens stability and confidence in the real estate market. This policy stance not only maintains the current growth trajectory but also increases affordability for potential home buyers and commercial real estate investors. Ashwini Kumar, Pyramid Infratech says that RBI's decision to maintain the repo rate at 6.50 percent will benefit developers and potential buyers investing in the realty sector. The sector is already performing well in the last few years, and the decision to keep the repo rate stable will benefit both potential buyers and developers.

Home buyers will benefit

Mohit Goyal, MD, Omaxe Group, says that by maintaining the repo rate at 6.50% for the 8th consecutive time, RBI has once again provided relief to both buyers and developers. The realty sector is witnessing significant growth, with people's interest in the mid, premium and luxury housing segments increasing. Stable loan rates will benefit potential buyers and maintain public confidence in the authority. We hope that this positive step will take the real estate sector forward, benefiting both buyers and developers. Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Limited, said that we welcome the strategic move of the apex bank to keep rates stable for the eighth consecutive time. This decision reflects a careful balance while addressing high food inflation and maintaining overall economic stability, with the Consumer Price Index (CPI) remaining within the target range.

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