Real estate developers and experts feel that interest rate by the Reserve Bank of India (RBI) just ahead of the festive season will help in boosting housing demand, especially in the affordable housing segment.
A good monsoon in progress, low inflation numbers, favorable global environment and an overall uptick in industry sentiments seem to be the catalyst for this rate cut, believe bankers.
The central bank has now reduced the repo rate by 175 basis points since December 2014, however, reduction in lending rates by banks have not been in line with the RBI's easing of policy rates.
Vinod Rohira, MD & CEO, Commercial Real Estate & REIT, K Raheja Corp said, “The RBI policy review of the financial year 2017-18 has witnessed a change in the repo and the reverse repo rate which will give a much-needed impetus to the realty sector. With the recent change in reforms and policies, this rate cut comes as a blessing improving buyer sentiments. This is a step in the right direction to address economic growth, and we are optimistic that the banks will also pass on the benefit to the consumers, which in turn will help propel the growth of the industry.”
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