Comments from Real Estate Experts on RBI Policy Announcement – April 08, 2022

0
54

National, April 09, 2022:

Mr. Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory

“The RBI played the role of the Good Samaritan by maintaining the status quo on rates despite inflationary pressure. There may be criticism from a macro-economic perspective, but we need to understand the fact that the RBI is playing a complex game of balancing growth with inflationary pressure. This could be elucidated from the fact that despite geopolitical pressure, the RBI had decided to hold its key lending rates steady at record low levels for the 11th straight meeting to support a durable recovery of the economy from the Covid-19 pandemic.”

“From a real estate perspective, this is good news for home buyers as no change in the repo rate means home buyers can avail the decadal low interest rate for their new home purchases. At the same time, this will also be the last bus to buy property at the best price proposition as we anticipate that not only the interest rates but property prices are also going to rise by the next quarter.”

Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI

“For the first time since the pandemic, inflation has emerged as a bigger concern than growth for the RBI and therefore the decision was on the expected lines. The inflationary pressure is due to macro economic factors like the Russia- Ukraine war, disruptions of supply chain due to Covid and increase in wholesale commodity prices. Thus, by keeping the rates unchanged RBI has indicated that the domestic consumption is not to be blamed for the inflationary pressure and thus not burden the common man with higher interest rates. This will continue to boost the India consumption story and give a boost to the GDP of India.”

“In the past couple of years, the homebuyers have made the most of the rock-bottom interest rates on home loans along with offers from good developers and the upcoming occasions such as Akshaya Tritiya will fetch them yet another chance to do so. We have already started witnessing an upward revision in the property prices due to the rising construction costs and higher stamp duty as a result of the metro cess and ready reckoner rates. The lower-interest rates could prove to be yet another opportunity for the homebuyers to make their desired purchase. We are continuing to urge the Government to look into the rising prices in interest of the homebuyers.”

Dr. Sachin Chopda – Managing Director, Pushpam Group

“We welcome the RBI’s decision of keeping the key rates unchanged amid the global uncertainties. This would encourage the prospective homebuyers to still close-in on their property investments. In the last couple of years, we have witnessed a lot of investment in real estate as it has provided the investors with more value for their money and it has also become an attractive asset class when compared to other investment options.”

Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers

“RBI maintaining status quo on key policy rates was anticipated given the inflationary concerns in recent months along with the macro-economic factors like the Russia-Ukraine war and the hike in the commodity prices. Considering the global scenario, the decision will help to sustain liquidity for some more time which will augur well for the real estate sector and the overall economy. We have already started seeing a vertical movement in the home prices and the decision will therefore help in enhancing the confidence of the homebuyers.”

Mr. Bhushan Nemlekar, Director, Sumit Woods Limited

“It was on the expected lines that the RBI will keep rates unchanged and maintain its  accommodative stance in its first MPC meet for the new financial year considering the rising inflation on account of geopolitical developments. The Government has always taken affirmative measures towards the recovery of the economy with sustained fiscal & monetary support. With the prevailing low home loan rates for homebuyers, the real estate sector has already been immensely benefited. This decision will further boost the consumer sentiments while sustaining the growth momentum in upcoming months.”

Mr. Jitesh Lalwani, President, Home Sync Real Estate Advisory

”Keeping in mind the economic concerns owing to the inflation amid the global uncertainties in near future, we welcome the RBI’s decision to continue with their accommodative stance. The measures announced were much needed to amplify the liquidity in the economy and are considered as a progressive step towards the revival of the real estate sector. The RBI’s decision will boost the homebuyers’ confidence to make their purchase of owning a dream home.”