New Delhi [India], December 9 (ANI): The real estate industry welcomed the Reserve Bank of India’s (RBI) decision to keep the interest rates unchanged for the ninth consecutive time.

The RBI’s six-member monetary policy committee (MPC), headed by Governor Shaktikanta Das, on Wednesday announced its decision of maintaining the status quo on key rates in its bi-monthly policy statement for the ninth consecutive time.

The repo rate has remained the same at 4 per cent whereas the reverse repo rate has been kept unchanged at 3.35 per cent.

The repo rates were slashed by RBI in March 2020 to soften the blow from the coronavirus pandemic and to give an impetus to the economy.

Commenting on this move, Aditya Kushawaha, CEO and Director Axis Ecorp said, “We welcome RBI’s decision to keep the repo rate unchanged at 4 per cent and continue its accommodative stance. It seems to be a well-thought move, given the uncertainty emerging from the new COVID-19 variant. The Indian economy grew better than expected and posted 8.4 per cent growth during Q2 FY22 and we believe that today’s decision will support further growth through increased consumption and spending. We are also keeping a close eye on the raw materials as they can cause the rates to go up in the near future and disrupt the current growth graph.”

DIGITAL RENOVATION AND REAL ESTATE

Vinit Dungarwal, Director, AMs Project Consultants Pvt. Ltd. said, “The holding of rates by the MPC is on the expected lines. The continued intervention by RBI and holding on to the rates has helped in demand generation in the real estate sector. Through these sustained efforts, most high-frequency indicators have bounced back to pre-COVID levels. RBI has also projected the CPI inflation for Q3 and Q4 of FY22 at 5.1 per cent and 5.7 per cent respectively. This is indicative of RBI’s belief that the current inflation levels are temporary in nature”.

Dr Samantak Das, Chief Economist and Head of Research & REIS (India), JLL said, “The unexpected global headwinds propelled by the new Covid-19 variant to the economic recovery prompted Reserve Bank of India to maintain the policy rates. RBI has kept the policy rate unchanged for the ninth time as it has been trying to support growth and rein inflation. Indian economy grew better than expected by posting 8.4 per cent growth during Q2 FY22 indicating the strength of the economy. The accommodative stance and gradual normalisation measures also signal that economy is on the firm path of growth. The Indian economy has demonstrated its resilience to uncertainty in the past and it is expected to deal with it more prudently in future.”

The growth registered by the real estate sector in Q3 2021 is likely to continue and to end this year on a positive note. In Q3 2021, residential sales witnessed an upward trajectory, increasing by 65 per cent on a sequential basis.

This sector is expected to benefit from a regime of low mortgage rate, coupled with duty waivers, realistic property pricing and attractive offers leading to affordable synergy. (ANI)

The Reserve Bank of India’s (RBI) 6-member Monetary Policy Committee (MPC) has kept repo rate unchanged at 4 per cent. RBI Governor Shaktikanta Das made an announcement in this regard, which is gaining praise from the real estate experts. They are of the opinion that unchanged repo rate means home buyers would continue to reap the benefits of a record low interest rate regime. They went on to add that low home loan interest rate would work well for home loan borrowers as environment of affordability is expected to continue after this RBI’s decision.

Hailing RBI’s MPC decision to keep key rates steady; Anuj Puri, Chairman at ANAROCK Group said, “With Omicron throwing a shadow of doubt across the world and in India, the RBI has decided to keep the repo rates unchanged at 4 per cent and reverse repo rate at 3.35 per cent. This was expected, and is the ninth consecutive time that the RBI maintained status quo amid current uncertainties. The unchanged repo rates will help maintain status quo on the prevailing low interest rate regime for some more time. This works well for all home loan borrowers as the environment of affordability will continue.”

Echoing with ANAROCK expert’s views; Lindsay Bernard Rodrigues, CEO & Co-Founder, The Bennet and Bernard Company said, “With the positive growth of the economy over the last few months, the RBI leaving the repo rate unchanged means home buyers would continue to reap the benefits of a record low interest rate regime. For any investor, it’s a time of great opportunity and for the end-customer. It’s a good time to buy. People are looking for own homes and are purchasing second homes in the context of the pandemic as they would have a secure and safe home and would also be a good alternative to their primary abode. The green shoots of economic revival coupled with the prevailing low interest rates will be conducive for the residential sector in the short to mid-term. Overall, we hope that the government continues to take measures that will strengthen the real estate sector and affirm robust infrastructure growth.”

Welcoming RBI decision to keep repo rate steady; Gautam Thacker, President at NAREDCO — Neral-Karjat unit said, “Keeping the repo rates unchanged augments the best decision during such times to keep the progress the economic growth. It also means the home loans will remain attractive and in-turn will keep up the momentum in real estate. In short, it’s a very positive decision for the Indian economy.”

Calling this RBI’s decision an opportunity for new home buyers; Pritam Chivukula, Secretary at CREDAI MCHI (Maharashtra Chamber of Housing Industry) said, “We welcome the RBI’s decision to continue with their accommodative stance keeping in mind the economic uncertainty due to the new COVID-19 variant Omicron. The low interest rates have been a crucial factor in the revival of the demand in the real estate sector. The sector saw a good festive season on the back of rock-bottom interest rates on home loans along with festive offers from good developers. The buyers are already coming back to the market and we feel that this might be the last opportunity for the home buyers to purchase property with low interest rates before RBI decides to hike it in their next policy announcement. Also, to keep the prices down on the account of rise in raw materials prices will be a huge challenge in front of the developers.”

The RBI continued to maintain its ‘accommodative’ stance with five MPC members voting in favour of the same. The repo rate, at which the RBI lends short-term funds to banks, has been left steady at 4 per cent whereas the reverse repo rate, at which the RBI borrows from banks, also remain unchanged at 3.35 per cent. The Marginal Standing Facility (MSF) & Bank Rate also remained unchanged at 4.25 per cent.

https://www.livemint.com/money/personal-finance/rbi-keeps-repo-rate-steady-what-it-means-for-your-emis-11638941330798.html

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