Reaction on RBI's bi-monthly monitoring policy by Real Estate Developers

Posted by: at 10/04/2016 07:16:00 am



India 4 October 2016: 

 


Mr. Gaurav Gupta,General Secretary, CREDAI Raj Nagar Extension
 Mr. Gaurav Gupta,General Secretary, CREDAI Raj Nagar Extension

According to Mr. Gaurav Gupta, General Secretary, CREDAI Raj Nagar Extension, “It is a welcome move by RBI and is being considered an amazing gift by RBI at this festival time. We hope that the reduced rate would have a positive impact on real estate sector and build up the customer confidence to a large extent. Developer community has already geared up for mission possession and therefore this is a win-win situation for developers as well as home buyers. RBI has slashed enough base rate which will encourage investors and end-users to invest in property market. We also expect that there could be further rate cuts ahead in the times to come.”


Mr. Deepak Kapoor President  CREDAI Western U.P
Mr. Deepak Kapoor President  CREDAI Western U.P

According to Mr. Deepak Kapoor, President CREDAI Western U.P. said, “25 bps cut in the repo rates by RBI is a positive news for a sector like real estate which is highly rate sensitive. Though we were expecting a cut of 50basis point, as the festive season has already begun and potential home buyers were eyeing for lower home loan rates. Around 45000 units will be ready for possession by the end of this financial year in Noida & Greater Noida, and a 50 bps cut would have revived the market in a better way. Borrowers might have gained more in case of a 50 bps. This is also a positive move by RBI’s new Governor and we are happy that home buyers will reap rich benefits out of it. The rate cut has come on the right time when everyone is gearing up for festive season. This is the perfect time when potential customers plan to invest in property. We are hopeful that if the rates keep falling in future also, the impact could be huge and positive for real estate sector.”

Mr. Prashant Tiwari, Chairman_Prateek Group (1)
Mr. Prashant Tiwari, Chairman_Prateek Group 

According to Mr. Prashant Tiwari, Chairman Prateek Group, "Reduction in the repo rate was an awaited move which will improve the overall market sentiments. The result of this rate cut will be reaped by home-buyers in the form of reduced home-loan interest rates. Festival season along with reduced interest rates is going to be more joyous for home buyers. We hope that the benefit of reduced rates be passed on to borrowers by the lending banks soon.”



Mr. Avneesh Sood, Director, EROS Group 
 Mr. Avneesh Sood, Director, EROS Group

According to Mr. Avneesh Sood, Director EROS Group, “The reduction of interest rate by 25 basis points was on the expected lines. The realty sector is expected to get a great push as it would prompt prospective home seekers to invest in properties. Home buyers will get more economical and pocket friendly deals as festive offers are already raining and now a rate cut will add more happiness to their festivity spirit. All this just arrived at the perfect time and hopefully will bring bliss to all the stakeholders. It now only remains to be seen when and how banks reduce their rates for end-users so that there EMI’s also fall.”​




Mr. Akshay Taneja, MD, TDI Infratech Ltd.
Mr. Akshay Taneja, MD, TDI Infratech Ltd.

According to ​Mr. Akshay Taneja MD, TDI Infratech Ltd, “We welcome the new Governors move to slash down interest rates by 25 bps. This rate cut has made the festive season more blissful for us and our customers as well. The drop in Repo rate will certainly improve the market sentiments and will give the required thrust to real estate market. We are expecting to see increase in property demand and revival in real estate sector with such a positive move. Moreover, with fall in interest rates, the demand for home loans will also continue to grow stronger. We hope home buyers will take full benefit of this golden opportunity as there couldn’t be a better time than this to invest in property market.”​


Mr. Sanjay Rastogi, Director, Saviour Builder Pvt. Ltd







Mr. Sanjay Rastogi, Director, Saviour Builder Pvt. Ltd

​According to Mr. Sanjay Rastogi, Director Saviour Builders,
 “Led by our expectations, reduction in interest rates is a welcome move by RBI especially at this auspicious time of festivals. The revision in rates is very much favorable for real estate sector and will boost the demand for properties. Real estate, being a rate sensitive sector will gain a lot from the reduced repo rates. The rate cut holds a great significance as the banks will now incise their interest rates on loans and the benefit will be passed to borrowers at last.”  


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