The Housing sector cheers as RBI upholds interest rates amid economic landscape

The Housing sector cheers as RBI upholds interest rates amid economic landscape

Gurugram: The Reserve Bank of India (RBI) opted to maintain the status quo on the repo rate, signaling a sense of stability in its monetary policy. Industry experts have hailed this decision as a boon for the housing market, emphasizing its potential to anchor Equated Monthly Instalments (EMIs) for borrowers, thus fostering a conducive environment for home loan stability.

The unanimous decision by the RBI’s Monetary Policy Committee (MPC) not only maintains the repo rate but also keeps the standing deposit facility at 6.25 percent, while the marginal standing facility rate and the bank rate remain unchanged at 6.75 percent.

This move is poised to have a tangible impact on the housing sector, particularly in the realm of home loan interests. The decision to uphold the status quo by the RBI is anticipated to provide a slight respite for individuals navigating home loan EMIs. This financial predictability is not only expected to bring relief to existing homeowners but is also likely to be perceived positively by potential buyers, fostering an atmosphere of confidence within the real estate industry. As the ripples of this decision permeate the market, stakeholders can anticipate a more assured lending landscape, setting the stage for a stable trajectory in the housing finance sector.

“The Reserve Bank of India’s (RBI) decision to maintain the status quo on the repo rates was expected and well-received. This decision is poised to maintain inflation stability while providing support to economic activities. The consecutive decision to pause the repo rate hike, since February of this year, is a positive development for both borrowers and real estate developers. The stable borrowing rates will be advantageous for potential homebuyers, fostering increased demand. This uptick in demand is expected to catalyze growth in the real estate sector, ultimately making a valuable contribution to the country’s GDP.”- Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.

“In the heart of Delhi NCR’s real estate landscape, our commitment to excellence stands resolute as the RBI holds the repo rate steady at 6.5% for the fifth successive occasion. This unwavering economic stance provides a favorable backdrop for prospective homebuyers, reinforcing confidence in the stability of our property market. We embrace this continuity, ensuring our clients navigate a secure and promising path in their real estate ventures, backed by the enduring strength of a consistent monetary policy.”-Adil Altaf – Director Sales & CRM, Whiteland Corporation

“The RBI decided to maintain repo rates, a measure that supports economic recovery and may encourage banks to offer good home loan rates to boost housing demand. This decision is expected to boost confidence among developers and homebuyers, allowing banks to offer better rates to boost housing demand. However, due to inflation, banks may be cautious in lowering rates too much. The stable borrowing rates will benefit potential homebuyers, fostering increased demand in the real estate sector”. – Mr. Santosh Agarwal, Executive Director and CFO, Alphacorp.

“The RBI’s decision to keep the repo rate constant at 6.5% for several months, aims to support economic recovery and encourage banks to offer better loan rates. This decision is expected to boost confidence among developers and buyers & investors, but banks may be cautious due to inflation. Stable borrowing rates benefit potential buyers and foster increased demand in the real estate sector, especially during the festive season when the property market typically experiences a surge in demand.” –Vipin Sharma, Chairman- Aarize Group

“The Reserve Bank of India (RBI) has maintained repo rate stability for the 5th consecutive time, aiming to boost market sentiment and encourage real estate investments. This decision supports the real estate sector’s expansion and financial stability, contributing to the economic landscape’s buoyancy. The RBI’s strategic move aims to nurture the growth trajectory of the sector, fostering an environment conducive to sustained investment and development.”-Mr. Gaurav K. Singh, Founder and Chairman- Womeki Group