Nitin Kulkarni, Technical Committee Member Marathi Bandhkam Vyavsaik Association (MBVA) and Director, Vastushodh Projects
It’s a welcome move for the real estate industry, better late than never!! It was expected since inflation is at a very low level and RBI had to take this decision. In this sluggish market, it will help boost the sentiment of the customers and will bring in cheer to the industry. It mainly affects positively the affordability of the buyer. It’s expected that the home loan interest rates should hit the bottom over the next one year or so.
Amit Bhosale, Executive Director, ABIL
It was a long due and we hope to see further cut considering the global and domestic scenario. Lending rates must come down. It would be not only be good for construction industry but also for the overall economy, which really requires a boost in the given situation.
Vishal Gokhale, Chairman & Managing Director, Gokhale Constructions
Positive sign for Indian economy as inflation is as planned by RBI. This will have double impact on cost of construction which will come down and also today’s rate cut will reduce interest saving of about 4 lakh for a 50 lakh loan for 20 years.
Aditya Javdekar, National Convener CREDAI Youth Wing and CEO, Vilas Javdekar Developers
RBI has finally done what all stakeholders of the economy were demanding vigorously for the past several quarters. The key issue remains on how the Banking sector responds to this positive move and passes on all the benefits to the consumer & home buyers. Our expectations are that home loan rates will drop to about 9% and demand for homes will certainly pick up in H2 2015-16.
Kishor Pate, Chairman & Managing Director, Amit Enterprises Housing Ltd.
We welcome the move by RBI to reduce the Repo Rate by 50 bps. We expect this reduction would help stimulate home buyers interest and expedite home-buying decisions. It is imperative though those lenders should pass on the benefit to the customers and spur the monetary transmission, helping reduce the cost of borrowing for developers, who have been impacted by high funding cost, and increased cost of construction. Loans are set to become cheaper and it will give much needed boost to growing economy. Lower interest for car loans, personal loans, mortgage loans should directly push the demand for discretionary purchases, which might have a cascading effect on the overall economy.
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