Continued application of low interest rate regime can create more confidence for homebuyers.
New Delhi: According to real estate developers and consultants, the Reserve Bank’s decision to leave key policy rates unchanged will lead to continued low interest rates on home loans and support demand. housing is restored continuously.
Welcoming the RBI policy, CREDAI President Harshvardhan Patodia said, “The RBI’s adaptive stance in keeping the repo and reverse repo rates the same is certainly a progressive and prudent move, especially in these global times. The department is carefully assessing the possible impact of the new wave of Omicrons.”
The continued application of home loan interest rates, he added, would create more confidence among homebuyers and support the ongoing market and economic recovery that promises a good holiday season. , he added.
Niranjan Hiranandani, Vice President of NAREDCO and MD Hiranandani Group, said that the real estate sector will benefit from low home loan interest rates as the decision of RBI MPC continues to benefit.
“Homebuyers should make the most of the historically low home loan interest rate regime,” he said.
Amit Goyal, Managing Director, India Sotheby’s International Realty, said home loan interest rates would remain at their current levels of less than 7% per annum.
“We expect demand in the housing market to improve further. All eyes are now on the upcoming budget. It will boost the real estate sector if the government steps up deductions for loans. home loans in Budget 2022.”
Sandeep Runwal, President, NAREDCO-Maharashtra, said low mortgage rates will continue, at least until the end of the year. “This will provide the necessary fuel for the growth of the economy along with the real estate industry.”
Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and Proptiger.com, said the RBI’s decision to leave key policy rates unchanged was in line with expectations.
“If home sales have shown consistent improvement over the past few quarters, much of this can be attributed to the record low interest rate regime,” he said.
Ashwinder R Singh, Managing Director of Residential, Bhartiya Urban, said this will ensure healthy residential property sales sustain with the soft home loan interest rate mechanism that will continue for time. next.
Anuj Puri, President of Anarock, said the unchanged repo rate will help maintain the status quo of the popular low interest rate mechanism for a while longer.
“This works for all homebuyers as the affordability environment will continue,” Puri said.
Shishir Baijal, President and CEO, Knight Frank India, said the low interest rate policy has contributed to the revitalization of the real estate sector over the past six quarters.
“The RBI’s efforts, along with other demand stimulus measures, helped revive demand that had been in decline for nearly seven years prior to 2020. The continuation of a corrective stance should help spur further growth in the sector. industry,” he added.
Colliers India CEO Ramesh Nair said unchanged repo rate will continue to improve sentiment in the property sector.
“The housing sector is seeing a recovery in sales, led by low mortgage rates, pent-up demand and stable prices,” said Nair.
Ram Raheja, Director of S Raheja Realty said the low interest rate home loan scheme is a huge tool in stimulating India’s real estate sector, especially during the festive season.
Rohit Poddar, Chief Executive Officer, Poddar Housing and Development, said that while rising commodity prices have weighed on input costs, the economy’s low interest rates have largely contributed to the recovery. of the housing sector.
Pradeep Misra, MD, New Modern Buildwell says lower home loan rates will help the real estate sector, especially in tier 2 & 3 cities.
“As interest rates, along with home prices, are one of the biggest factors influencing individuals’ buying decisions, we expect demand to stay at a reasonable level over the next few months,” he said.
Honeyy Katiyal, founder of Investors Clinic, said the RBI policy stance has been supportive for residential real estate, helping brokers clear inventory.
Kaushal Agarwal, President, The Guardians Real Estate Advisory, said the all-time low interest rate policy has boosted housing demand and helped bring the economy back to pre-Covid levels.
Shiv Parekh, Founder of hBits supporting fractional property ownership, said the decision will help the real estate sector.
Harresh Mehta, President and CEO, Rohan Life capes, said the unchanged repo rate will help homebuyers and property in general.
(This story has not been edited by NDTV staff and was automatically generated from the syndication feed.)
