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rbi: Low interest rate on home loans to boost housing gross sales: Realtors on RBI policy – Times of India

NEW DELHI: Real property builders on Friday hailed the RBI‘s resolution to hold policy charges unchanged, saying the low interest rate regime will assist in sustaining gross sales momentum within the residential sector.
Harsh Vardhan Patodia, president of realtors’ physique CREDAI, stated the RBI’s resolution of holding the repo rate unchanged on the historic low of 4 per cent will convey financial growth and development within the nation, particularly after the impression of Covid-19 on a number of sectors.
“The current repo rate will be beneficial for the real estate sector as home buyers will continue to witness ease in home loan rates. We appreciate RBI’s faith in maintaining liquidity to keep the real estate industry optimistic about growth in the future, especially after the sudden impact on the real estate players followed by the rising costs of raw materials,” he stated.
Patodia hoped that the RBI would proceed to preserve the established order within the coming months too, as it may be a recreation changer for all sectors contributing to the nation’s GDP.
Naredco Vice Chairperson Niranjan Hiranandani stated: “The current low home loan interest rate and individual housing loans’ risk weight guidelines, which have been extended till March 31, 2023, will continue to be the ‘demand catalyst’ in the short term, ensuring that sales velocity remains high despite the brief upwards revision in pricing of housing.”
Nayan Raheja of Raheja Developers stated, “The EMI will be unaffected by this decision. The continuation of a positive attitude as the economy emerges from its extended recovery route bodes well for a strong economy to rise.”
This resolution could have an extended-time period impression on the true property trade, guaranteeing that it continues to increase, he added.
“The RBI’s decision to retain the repo rate at 4 per cent was expected. The announcement will definitely help the realty sector to accelerate growth, and certainly improve the market sentiments. This has been done to maintain the accommodative stance, which will enable banks to lend home loans at the current level, which is a crucial factor to encourage homebuying decisions,” stated Santosh Agarwal, CFO and government director, Alpha Corp.
Saransh Trehan, managing director, Trehan Group, stated the RBI resolution to prolong the rationalised norms with regard to threat weightage on housing loans by one 12 months until March 2023 will present a boost to the residential actual property market by encouraging banks to make obtainable loans to potential homebuyers at inexpensive charges.

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