RBI Estate Agents Hail Policy: Low Interest Rates on Home Loans to Boost Housing Demand | Real estate news
New Delhi: Property developers and consultants on Thursday hailed the RBI’s decision to keep policy rates unchanged, saying historically low interest rates on home loans will continue to boost demand for residential properties.
They also urged potential buyers to enter the market.
Housing demand has increased by around 50-70% in the last calendar year in 7-8 major cities due to various factors such as low interest rates on home loans, free offers from builders and the stability of real estate prices over the past five years.
Commenting on the RBI policy, CREDAI Chairman Harshvardhan Patodia said: “Excess liquidity available in the system should be made available to sectors that can drive massive job creation and contribute to a recovery and a faster economic growth.
Naredco Vice Chairman Niranjan Hiranandani said favorable market momentum in terms of home loan interest rates continued for home buyers. “However, trends indicate that this ‘all-time low’ may not last long, and those looking for accommodation would be advised to take out a home loan while they are still at such low rates,” he added.
CREDAI-MCHI Chairman, Boman Irani applauded the RBI’s policy and said, “This move would act as a catalyst for ongoing housing demand, where buyers can avail and take advantage of the highest mortgage lending rate.” down and realize their dream of owning a home.
Sanjay Dutt, MD and CEO, Tata Realty and Infrastructure Ltd, said the decision to keep rates unchanged will help maintain current lending rates, helping buyers buy their dream home at historic rates until the expected market revision. in the second half of 2022.
Anarock Chairman Anuj Puri said the policy is good for home borrowers.
“The continuation of this low interest rate regime supports the overall affordability environment for some time. Although the window of opportunity for homebuyers to benefit from low interest rates has been extended for a some time it is unlikely to prevail much longer – sooner or later repo rates will rise,” he added.
“We are confident that this stable position would bode well for mortgage borrowers and the Indian real estate market,” said Anshuman Magazine, Chief Executive Officer – India, Southeast Asia, Middle East and Africa, CBRE.
Dhruv Agarwala, Group CEO, Housing.Com and Makaan.Com, said home loan interest rates will continue to hover at record highs, encouraging buyers to purchase property.
Farshid Cooper, MD, Spenta Corporation said, “Glad the repo rate remained unchanged at 4%. As we have already started to see an increase in interest rates in some western economies after the pandemic, it was feared that India would follow. It is a relief for Indian buyers that interest rates remain unchanged in the near future. to come up. We hope this will continue to reflect the increase in home sales volumes.
Knight Frank India CMD Shishir Baijal said the housing market has shown a healthy rebound from the Covid crisis and low interest rates will help improve affordability and maintain growth momentum.
Colliers India CEO Ramesh Nair said: “Without specific demand-side interventions in the 2022-23 budget, prospective home buyers may continue to benefit from higher mortgage interest rates. down who are here to stay for now.”
Amit Goyal, CEO of India Sotheby’s International Realty, said historically low interest rates on home loans will continue for some time to come and keep the mood going.
“Real estate, particularly the residential segment, has largely benefited from historically low benchmark lending rates. This should continue to strengthen as demand has remained constant over recent quarters,” said Anurag Mathur, CEO of Savills India.
Samantak Das, Chief Economist and Head, Research and REIS, India, JLL, said the RBI’s decision is extremely welcome for India’s property sector.
The CEO of Bengaluru-based Puravankara Ltd, Abhishek Kapoor, said the move will enable more consumers to enter the market and invest in real estate.
Record lending rates will provide an additional boost to the real estate sector, said Atul Banshal, Chief Financial Officer, Omaxe Ltd.
Supertech Chairman RK Arora says the unchanged repo rates will help keep the interest rate regime low and it works well for buyers who plan to buy homes with the help of loans real estate.
The announcement will certainly improve market sentiments and bring joy to the housing sector, said Santosh Agarwal, CFO and chief executive of Alpha Corp.
Runwal Group Chief Executive Sandeep Runwal said that by keeping interest rates unchanged, the RBI has made it clear that it is looking for sustainable growth and boosting consumer confidence.
Farshid Cooper, MD, Spenta Corporation, said it was a relief for Indian buyers that interest rates will remain unchanged for the near future.
Ram Raheja, Director of S Raheja Realty, said a low interest rate regime on home loans has greatly contributed to further boost India’s real estate sector, which ultimately increased investment and home buying in India. over the past two years.
“This status quo will create demand for high-impact products like real estate. Liquidity coupled with low interest rates is key to the recovery of the real estate sector and the economy as a whole,” Shrey said. Aeren, managing director and national head of Berkshire Hathaway. Home Services Orenda.
Kaushal Agarwal, chairman of The Guardians Real Estate Advisory, called it good news for the housing market, as historically a low interest rate regime has always pushed the property market.
Now would be a great time for homebuyers and businesses looking for properties to make positive decisions, said Xanadu Realty CEO Vikas Chaturvedi. Also Read: Crypto Big Threat to Financial Stability; not even worth a tulip: RBI Governor Das
ARETE Group Director Siraj Saiyad said the prevailing low interest rate regime will continue for some time to come. “With this decision, the affordability environment will evolve well for home borrowers,” he added. Also Read: Now Get A Pension Sitting At Home: Delhi Government Brings Entire Pension Process Online