Welcoming the RBI’s policy decision on Wednesday, CREDAI Chairman Harsh Vardhan Patodia said, “The Reserve Bank’s lenient stance of keeping the repo and reverse repo rates unchanged is certainly a progressive and cautious step, especially at a time when The entire industry is assessing the potential impact of the new Omicron wave.
He said the continuation of the lower interest rate regime on home loans would instil confidence among home buyers and would also help in the current economic revival.
Niranjan Hiranandani, Vice Chairman, Naredco and Managing Director of Hiranandani Group, said the real estate sector would benefit from lower interest rates. “Home buyers would like to make the most of these historic low interest rates,” he said.
Sanjay Dutt, managing director and chief executive officer (CEO) of Tata Realty & Infrastructure, said the decision not to change interest rates will keep rates for the housing sector at a lower level. This will support the housing market.
Ashish R Purvankar, Managing Director, Purvankar Firm said that the past few quarters have witnessed good sales across various asset classes. “The soft stance of the Reserve Bank will encourage home buyers. They will be able to take loans to buy homes at all-time low interest rates.
Omaxe Ltd. Mohit Goel, managing director, said that this move of the central bank will give a boost to interest rate sensitive business sectors.
CBRE Chairman and CEO (India, South-East Asia, West Asia and Africa) Anshuman Magazine said the Reserve Bank’s stance augurs well for home loan borrowers and the Indian real estate market.
Amit Goel, Chief Executive Officer (CEO) of India Soothby’s International Realty said that the annual interest rate on home loans will remain at 7 per cent.
Goyal said, “We expect the demand in the housing market to improve further. All eyes are now on the upcoming budget. If the government increases the ‘cut’ on housing loans in the budget, it will be a step to give a boost to the real estate sector.
NAREDCO-Maharashtra President Sandeep Runwal said that the lower interest rates on housing loans will continue at least till the end of this year. This will give impetus to the growth of the real estate industry as well as the economy.
Dhruv Agarwal, Group CEO of property portals Housing.com, Makaan.com and PropTiger.com, said RBI’s decision to keep key policy rates unchanged is in line with expectations.
“If there has been a steady improvement in home sales in the last few quarters, it is mainly because of lower interest rates,” he said.
Ashwinder R Singh, CEO (Residential), Bhartiya Urban, said the move by the Reserve Bank would lead to a continuation of the low interest rates in the near future and would encourage home sales.
Anarock Chairman Anuj Puri said the central bank’s decision not to change interest rates would help maintain status quo on lower interest rates for some time.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said the low interest rate regime has played an important role in building up the real estate sector in the last six quarters.
Ramesh Nair, CEO, Colliers India said that with no change in the repo rate, the sentiments of the real estate sector will improve further.