The RBI in its monetary policy meeting on Friday kept the repo and reverse repo rates unchanged at 4% and 3.35%, respectively, and decided to continue with its accommodative stance to revive and sustain growth as well as to mitigate the impact of COVID-19 on the economy.
We request all State governments to scale back stamp duties on registration of properties till December. This might end up being a game-changer. Shop for a property,” said Vikas Wadhawan, Group CFO, Housing.com, Makaan.com, and Proptiger.com.Ram Raheja, Director, S Raheja Realty Pvt Ltd, said, “This establishment will further allow demand creation, including for top involvement products like realty.
The optimism of RBI regarding the economic process is welcome. It’ll also help in sustaining economic stability moreover as keep the 000 estate sector stay afloat during these unprecedented times. The demand for homes is probably going to still gain momentum going forward.’’
Industry experts observed process alongside reining any uptick in inflation is that the key priority of the govt. And so the financial organization of India. Hence, no change within the repo rate (and reverse repo rate) was expected. A resurgent realty sales and growth in agriculture output will further provide a lift to the economy.
However, the govt. bodies should also ensure to remain the lending rates low because it’ll still dovetail the economy in a very positive direction and build the underside for faster recovery,” said Ankit Kansal, Founder & MD, and 360 Realtors.
We’ve got already seen early signs of improvement in economic activity following the easing of restrictions post the peaking of the second wave. Pankaj Bansal, Director, M3M, said, “The RBI’s stand on keeping the repo rate unchanged at 4% will immensely help the 000 estate sector and therefore the market to accelerate growth.
As economic activities escalate further, promising results are expected within the coming quarters.” Some consultants and developers, however, said it’d are better for reality if the RBI had announced a rate move support the demand within the sector during the upcoming festival season.
Honeyy Katiyal, the founding father of Investors Clinic, said, “As a consultant, in reality, we’d have loved to determine the RBI announcing a rate move to support the demand within the property sector for the approaching festival season. This could are an economic booster for the important estate housing sector which has suffered a lot within the last two-and-a-half years. Policy rates at these levels are favorable moreover.
A whiff of positivity will turn the tables this festival season for the developers and assets players.” However, retail will take pleasure in the proposal to introduce a framework for retail digital payments in offline mode, and also the proposal to extend the per-transaction IMPS limit to Rs 5 lakh from Rs 2 lakh currently. If introduced, these steps will help increase the spending which will add up to the positive growth of the economy.”