New Delhi, Oct 01, 2015
ACCORDING TO MR DEEPAK KAPOOR, PRESIDENT, CREDAI WESTERN U.P “Since home loans are linked to base rates, the reduction in repo rate will benefit borrowers and reduce the EMI’s for home-buyers. We were expecting the rate cut to be reduced by 25 bps but to our amaze it was slashed down to 50 Bps.
This is a great move by RBI 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.”
ACCORDING TO MR MANOJ GAUR MD GAURSONS INDIA “There were huge expectations by the sector form RBI this time and finally it has been fulfilled. We were looking ahead for rate cut which could boost the real estate sector in a big way.
With festive season around the corner, the timing of the RBI to reduce the rate could not have been better. The banks should now quickly reciprocate and reduce the interest rates on loans so that the borrowers can also yield the gains. Once the lending rates will be reduced by banks, we believe that the home buyers will feel encouraged to come and invest in properties.
The fall in interest rates will further assist in enhancing the growth of realty market”.
ACCORDING TO MR. PRASHANT TIWARI , CHAIRMAN, PRATEEK GROUP “Reduction in the repo rate by RBI was an awaited move. The results of this rate cut will be reaped by home-buyers in the form of reduced home-loan interest rates.
The realty sector will get a much needed boost that it was looking for and overall market outlook will also improve. The huge rate cut has come as a surprise and has infused positive vibes in the realty market.
Once the rates are transmitted to borrowers, the market sentiments will certainly improve. Along with the reduction in repo rate, RBI could have also considered the cut in CRR as it would have improved the liquidity with banks which would have allowed banks to increase the supply of loan-able money leading to improved sentiment in the Real Estate sector”.
ACCORDING TO GAURAV GUPTA, SPOKERSPERSON, CREDAI RNE “ It is a welcome move by RBI, It is the best gift RBI have given to customer before the upcoming festive season.
The sector needed it badly to come back to right track. For affordable housing it is very important that the interest rate are low. Government’s vision for housing for all cannot be fulfilled with high rate on interest. Now banks have to reduce the borrowing rate quickly so that potential buyers can reap the benefits quickly.
We feel that this step could restart the same level growth we use to see in the sector few years ago.
OM CHAUDHRY, CEO & FOUNDER, FIRE CAPITAL AND CHAIRMAN, ASTRUM HOMES“Reduction in Repo Rate by 50 basis points is a much awaited and needed step to improve the market sentiments and real estate sector.
The reduction is very timely as the festive season is approaching and during this period buyers always look for some discount or relaxation in interest rates from bank. However, the reduction in CRR would have been much appreciated by the sector as it would have given a free hand to the banks to increase the supply of the loan-able money”.
ACCORDING TO MR. SANJAY RASTOGI, DIRECTOR SAVIOUR BUILDERS “Led by our expectations, reduction in interest rates is a welcome move by RBI.
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 on large extent, will gain from the reduction in 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.”
ACCORDING TO ANIL KUMAR TULSIANI CMD, TULSIANI CONSTRUCTION & DEVELOPERS “The drop in rate cut will improve the market sentiments and will give the required thrust to real estate market. The reduction in EMI’s as a result of rate cut will bring huge respite to home buyers. With the fall in interest rates, the demand for home loans will continue to grow stronger. This unexpected rate cut of 50 bps has made the festive season more blissful for us and our customers as well. We are expecting to see increase in property demand and revival in real estate sector with such a positive move by RBI. “
Corporate Comm India (CCI Newswire)
