Sandeep Runwal - President, NAREDCO Maharashtra was of the view that the RBI’s decision to keep the repo rate unchanged at 6.50 per cent is a welcome move signalling that interest rate hikes could be over. “This will certainly positively impact the rate sensitive segments of affordable and low-income group housing. Keeping the repo rate unchanged will help in offsetting the rising property rates and will reduce home buyers' burden to a large extent. Real estate industry is linked with several other allied industries and therefore it impacts the entire economy. We urge the government to offer relaxations in stamp duty fees that it offered at the time of the pandemic so as to further encourage homebuyers' interest in property buying."
Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate, regarding the recent announcement on the RBI Monetary Policy shared that the RBI’s decision to keep the repo rate unchanged was a much-needed respite for the real estate sector. “This decision will provide stability in the home loan category and keep the EMIs unchanged. It will maintain the buying sentiment in the real estate sector and may lead to an upsurge in the mid-segment housing category. We also expect the demand for luxury and premium housing to remain unaffected. Despite the positive impact of this decision, the RBI Governor has signalled that this move may only provide temporary relief and may be necessary to combat the inflationary growth in the country. However, we hope that interest rates will remain in single digits, which would be favourable for the real estate sector in India. Overall, this decision is likely to stabilise the real estate sector in the short term."
Rahul Talele, Group CEO – Kolte-Patil Developers Limited too considered the decision by the RBI to keep the repo rate unchanged at 6.50% as an encouraging development. “This move will provide much-needed stability in home loan rates - a positive for the real estate sector. The decision will benefit both homebuyers and developers, as it allows for greater certainty and predictability in the market. This stability will also help to drive growth in the affordable housing segment, while at the same time, sustain the positive trajectory of the luxury residential segment. We believe that a stable repo rate will support the current momentum of the real estate sector.”
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