Real Estate developers and experts have welcomed the Reserve Bank of India’s (RBI) decision to reduce repo rate by 25 basis points, while urging banks to pass on the benefits to home buyers. RBI today reduced the repo rate by 0.25 per cent — the short term rate at which the central bank lends to banks — to 6.25 per cent. The further growth of the economy will positively impact demand in the housing segment and the overall real estate sector.
Industry participants are also expecting further rate cut by RBI in the coming months. This is also a positive development for the realty sector which should see the cost of capital easing and also help home buyers.
Mr. Pawan Jasuja, Director, Finlace Consulting said that after 7th pay commission and good monsoon, we feel that this is the most exciting news that will delight the industry and home buyers both. Housing is need of every person and when it comes on low interest rate or EMI then it works as positive multiplier for home buyers to finalize their deal. Hope banks will also pass the benefits to home buyers quickly. Realty market flooded with offers and discount will notice another jump in sales graph after repo rate cut.