Real estate companies welcome monetary policy, urging further measures for housing sector

Tata Realty & Infrastructure Ltd.  Managing Director and CEO Sanjay Dutt said that this is the fifth time in a row that the stance has been kept soft by not changing the repo.

Tata Realty & Infrastructure Ltd. Managing Director and CEO Sanjay Dutt said that this is the fifth time in a row that the stance has been kept soft by not changing the repo.

RBI decided to keep the repo rate unchanged at 4 per cent in the first bi-monthly monetary policy review of the current financial year.

new Delhi. The Reserve Bank of India (RBI) has not made any changes in the interest rates in the monetary policy. At the same time, real estate companies on Wednesday appreciated the RBI’s decision to keep the policy rate unchanged and provide additional cash of Rs 10,000 crore to the National Housing Bank. However, the industry also said that the RBI should ensure that funds are available for real estate companies struggling with cash crisis.

RBI decided to keep the repo rate unchanged at 4 per cent in the first bi-monthly monetary policy review of the current financial year. Harsh Vardhan Patodia, national president of CREDAI, the apex organization of real estate companies, said, “RBI has not made any change in the repo rate and has maintained a soft stance.” The RBI governor has announced to make loans accessible by ensuring sufficient cash and to provide additional cash of Rs 10,000 crore to NHB. The real estate sector should be benefited by this, which is worried about the funds for the projects. ”

Will help in the revival of real estate sector
CBRE India Chairman and CEO (South East Asia, West Asia and Africa) Anshuman magazine said that the RBI has taken this decision with the objective of ensuring an economic revival in line with the inflation target. He said that RBI has announced special cash facilities for financial institutions, including providing Rs 10,000 crore to NHB. These measures will help in the revival of the real estate sector. Niradjan Hiranandani, Chairman of NAREDCO said, “RBI has kept the repo rate intact. This is a sign of maintaining the pace of debt. At the same time, the real GDP growth rate is estimated to be 10.5 percent, which suggests that economic revival is better in India.

Repo rate unchanged for the fifth time in a row

Tata Realty & Infrastructure Ltd. Managing Director and CEO Sanjay Dutt said that this is the fifth time in a row that the stance has been kept soft by not changing the repo. This will certainly play a significant role in the revival of the region in the long run.

Rajni Sinha, Chief Economist and National Director, Knight Frank India, said, “The steps to increase the credit facility to the Reserve Bank’s housing sector are self-assured.” We have taken measures to increase the flow of funds. Similarly, a decision has been taken to extend the period of non-banking financial companies offering home loans to banks for the definition of priority sector loans. This will help the real estate sector in this time of crisis.

More measures need to be taken
Manoj Gaur, Chairman and Managing Director of Gaur Group welcomed the RBI announcements but said more measures needed to be taken to bring the sector back on track.

Dhruv Aggarwal, CEO of Housing.com and Prop Tiger, said that the RBI decision is as expected. He hoped that the banks would understand the RBI’s move to keep the policy rate unchanged and would continue to give loans to the home buyers at a lower interest rate.




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