quote by Mr. Amit Goenka, MD and CEO at Nisus Finance.
The rate cut was much awaited as India has been experiencing a slowdown in the economy. This rate cut will lead to lower EMIs for home buyers and strengthen the demand for housing.
quote by Mr. Ravi Ramesh Pilani, MD at Pilani Group
We are pleased that the MPC has decided to unanimously reduce the policy rate by 25 basis points from 6.5% to 6.25%. The market had anticipated that the RBI would cut the REPO rate in this monetary policy. This marks the first rate cut in nearly five years, following a prolonged rate hike cycle triggered by global events. With food inflation moderating and positive Rabi crop forecasts, experts assert that a rate cut could offer significant relief to home buyers.
quote by Dr. Mohit Ramsinghani, CXO, Real Estate Industry.
The RBI’s decision to cut the repo rate is a welcome move for the real estate sector. The RBI last reduced repo rate 5 years back in May 2020. Lower interest rates will make home loans more affordable, which will boost demand for housing. This is a positive development for both homebuyers and developers. The lower interest rates will also make it easier for developers to finance new projects, which will lead to an increase in the supply of housing. The RBI’s decision is a sign that the central bank is confident that inflation is under control and that the economy is on a path to recovery.
quote by Priyank Mehta, Co-Founder and Director at M. space Realty.
The Monetary Policy Committee’s (MPC) unanimous decision to lower the policy rate by 25 basis points, from 6.5% to 6.25%, is a positive step. This reduction, anticipated by the market, marks the first such decrease in nearly five years, following a prolonged cycle of rate hikes driven by global economic factors. The timing is opportune, coinciding with moderating food inflation and promising Rabi crop forecasts. This rate cut is expected to provide substantial relief to borrowers, particularly home buyers. Lower policy rates typically translate to reduced borrowing costs, making home loans more affordable. This can stimulate demand in the housing market, potentially leading to increased sales and construction activity. For prospective home buyers, this could mean lower EMIs and improved affordability, making homeownership a more attainable goal. It also signals a potential easing of financial conditions, which could boost overall economic growth.
quote by Shankesh Sanghvi, Director of Sanghvi Realty.
We welcome the MPC’s unanimous decision to lower the policy rate by 25 basis points, from 6.5% to 6.25%. This move was anticipated by the market, which expected an RBI repo rate cut in this policy announcement. It’s the first such reduction in nearly five years, following an extended period of rate hikes driven by global events. Given moderating food inflation and positive Rabi crop projections, experts believe this rate cut will provide substantial relief to home buyers, especially considering the current high home loan interest rates. Ultimately, this makes homeownership more attainable and stimulates activity in the housing market.
Lower interest rates are likely to directly translate into cheaper loans and more affordable homes. This announcement will directly benefit prospective and existing home buyers, as EMIs are expected to decrease, increasing their savings and purchasing power.