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New Delhi: The real estate industry today hailed the RBI’s decision to cut key interest rate saying the move will boost housing demand and also improve sentiments in the sluggish property market. However real estate developers and property consultants demanded that interest rates be further reduced. Encouraged by softening inflation, the RBI today decided to cut the benchmark interest rate by 0.025 percent to 7.75percent with a view to boost growth. Credai, the apex realtor’s body chairman Lalit Kumar Jain term ed RBI’s decision as a good beginning but said this is not enough. A reduction of 200 basis point (reduction of interest rate by 2%) within short span is needed “Jain said.
Echoing similar views, Credai president (elect) Get-amber Anand said: “good small step, but industry is awaiting a more aggressive cut this quarter”. Global property consultant JLL India chairman & country Head Anuj Puri said: “I expect this cut in interest rate to be the first of several to come and these will cumulatively make a big difference to home loan borrowers. As of now, the current rate cut will help revive market sentiment, which is very timely”.
Cushman & Wakefield Executive Managing director, South Asia, Sanjay Dutt said this move would instil hope and confidence in the real estate industry that a recovery in housing sales is around the corner.
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New Delhi: The real estate industry today hailed the RBI’s decision to cut key interest rate saying the move will boost housing demand and also improve sentiments in the sluggish property market. However real estate developers and property consultants demanded that interest rates be further reduced. Encouraged by softening inflation, the RBI today decided to cut the benchmark interest rate by 0.025 percent to 7.75percent with a view to boost growth. Credai, the apex realtor’s body chairman Lalit Kumar Jain term ed RBI’s decision as a good beginning but said this is not enough. A reduction of 200 basis point (reduction of interest rate by 2%) within short span is needed “Jain said.
Echoing similar views, Credai president (elect) Get-amber Anand said: “good small step, but industry is awaiting a more aggressive cut this quarter”. Global property consultant JLL India chairman & country Head Anuj Puri said: “I expect this cut in interest rate to be the first of several to come and these will cumulatively make a big difference to home loan borrowers. As of now, the current rate cut will help revive market sentiment, which is very timely”.
Cushman & Wakefield Executive Managing director, South Asia, Sanjay Dutt said this move would instil hope and confidence in the real estate industry that a recovery in housing sales is around the corner.
Follow Salarpuria Sattva for Best facts of Real estate.
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