Sunday, July 14, 2024
Sunday, July 14, 2024
HomeINB EnglishThe RBI has once again opted to keep the repo rate unchanged

The RBI has once again opted to keep the repo rate unchanged

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The Monetary Policy Committee of the Reserve Bank of India (RBI) has declared the outcomes of its meeting, with Governor Shaktikanta Das stating that once again, there has been no alteration in the repo rate. Thus, the rates remain unchanged at 6.5 percent. Consequently, there will be no increase in the EMI of loans. Experts has positively received this decision.

Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd

As expected, the RBI kept rates on hold. The prolonged pause, for the sixth time, since February 2023, is aimed at keeping inflation in check without hurting the economic growth momentum. With the reduction in policy rates would have been the best scenario for interest-sensitive sectors like the real estate sector, policy continuity is the next best outcome for both borrowers and developers alike. The decision allows homebuyers to make informed choices, which is expected to result in enhanced demand across all housing segments in line with the country’s overall economic progress.

Manoj Gaur, President CREDAI NCR and CMD Gaurs Group

Excellent decision by RBI. For the last one year, RBI has kept the repo rate unchanged at 6.5%. The real estate sector continues to exhibit a steady demand, the commercial segment is doing exceptionally well, and the country’s economy is growing from strength to strength. The residential segment will maintain the trajectory it took last year. I am sure that the sector will continue to show buoyancy as in the past quarters across the country.

Amit Modi, Director County Group, stated that

Once again, RBI has not made any changes in the repo rate, which is undeniably beneficial for the real estate sector. This will particularly uplift the morale of home buyers and investors. It clearly indicates that the country’s economy is consistently performing well.

Ashwinder R. Singh, Co-Chairman, CII, NR Committee for Real Estate, CEO Residential at Bhartiya Urban

With policy rates unchanged @6.50% and the RBI MPC’s commitment towards stable lending rates bodes well for India’s real estate sector, particularly in terms of home sales and home loans. With steady rates, prospective homebuyers can approach the market with confidence, driving increased demand for residential properties and facilitating easier access to home financing. This positive environment fosters growth and opportunity within the housing market, benefitting both buyers and developers alike.”

Nayan Raheja, Raheja Developers

The realty sector welcomes the RBI’s decision to hold the repo rate. This move will foster stability and bolster confidence among stakeholders, including home buyers and investors. However, the repo rate at 6.5% remains at a 4-year high, and a rollback would have boosted the affordable housing segment.

Kushagr Ansal, Director Ansal Housing

The RBI’s decision to uphold the current repo rate is greeted with approval. While the real estate sector hoped for a slight reduction, this decision underscores stability. It is poised to enhance confidence among developers and homebuyers, providing clearer long-term financial commitments and EMIs.

Rajjath Goel, Managing Director of MRG Group, comments on

The RBI’s decision to sustain the repo rate at 6.5% for one more consecutive time, anticipating a positive surge in the housing market. Despite the rising housing costs, the unchanged home loan rates offer a semblance of relief to homebuyers. Consequently, both buyers and developers stand to benefit from stable interest rates, fostering increased consumer confidence and investment in the sector. The RBI’s decision is expected to bolster new launches and the expansion of projects in emerging hotspots.

Ankush kaul, chief business officer – Ambience Group

“A commendable decision by RBI. It has been one year since the RBI decided to hit the pause button and keep the repo rate at 6.5%. It is expected to stimulate growth and boost the realty sector, providing a fillip to the premium housing and commercial segments. This decision presents the picture of the country’s resilient economy.

Sanchit Bhutani, MD of Group 108

This move is seen as a positive development, anticipated to stimulate growth in the real estate sector. The decision is expected to provide relief to the middle-income group, as they won’t have to bear the burden of higher interest rates on home loans. Additionally, there is a prediction that both commercial and residential property sales will experience an upswing. The Reserve Bank of India’s choice to maintain the repo rate reflects growing confidence in the sector.”

Rajesh K Saraf, Axiom Landbase, Managing Director, Axiom Landbase

The RBI’s decision to maintain the repo rate at 6.5% brings positive implications for the Indian housing and home loan sector. With interest rates remaining steady, prospective homebuyers can benefit from a favorable lending environment. This consistent stance instills confidence in the market’s reliability.

Pawan Sharma, Managing Director Trisol Red, comments that

The decision not to increase the repo rate is once again good news for the real estate sector. The fact that the repo rate has not increased in the past year has proven beneficial for the real estate sector in every aspect. This is undoubtedly excellent relief news for both home buyers and investors. Indeed, this will further benefit the market.

Vikas Bhasin, Chairman & Managing Director, Saya Group

The RBI’s decision to keep the repo rate steady provides optimism to the real estate sector. This move underscores both macro and microeconomic stability, fueling year-end housing sales and bolstering the sector’s growth trajectory for 2024. It showcases the resilience of the country’s economy, poised to spur growth, particularly in premium housing and commercial segments.

Ajendra Singh, Vice-President (Sales & Marketing) Spectrum Metro

Not making changes in the repo rate signifies that the Indian Economy is strong. Compared to the Global Economy, India’s economic situation is better. The steps taken by the RBI are beneficial for the commercial and residential real estate sector in every aspect. We hope that this entire year will prove to be suitable for investors.

Sanjay Sharma, the Director of SKA Group

He emphasized that any hike in interest rates could adversely affect the real estate sector. The decision not to increase interest rates is expected to boost investor confidence and contribute to a rise in demand for residential properties.

Sanjeev Kharbanda, CFO, Best Agrolife Ltd The RBI’s decision to keep the repo rate unchanged at 6.5% augurs well for the Indian economy. While providing impetus to growth, it will also keep inflation under control. Rising food prices was one of the detriments cited by the governor. We believe that this strategy will work well, and the agrochemicals sector welcomes this step.

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