Amit Modi, Director ABA CORP, President-Elect CREDAI Western UP
The RBI announcements have been very much on the expected lines, even though no measures were made for real estate and home buyers particularly in the Budget gone by. It would have been a relief if some benefit were extended to the sector today, as the experts awaited it. The repo rate remains unchanged at 4%, however for the industry to revive we are still expecting some kind of stimulus from the Union government and RBI in its forthcoming policy meetings.
Dhruv Agarwala, GroupCEO, Housing.com, Makaan.com and Proptiger.com:
The decision of RBI to keep the Repo Rate unchanged along with accommodative stance is understandable at this juncture, although a further cut in the key rates would have given a boost to current demand uptick that we have seen recently. The measures announced by the RBI Governor today for liquidity enhancement in the economy is indeed a good step and was much required. Real estate has been badly hit during the pandemic and the recent Budget announcements and the RBI's decision today will help the sector to cope up with markets' uncertainties better in the near future."
Pradeep Aggarwal, Founder & Chairman, Signature Global Group, Chairman, ASSOCHAM, National Council on Real Estate, Housing and Urban Development
Increased demand is already enjoyed by the affordable housing market, and the RBI's new unchanged stance will not have much impact on demand per se. Indeed, the RBI's growth forecasts will instill optimistic market sentiment, which will translate into good numbers for the real estate sector as well. If the economy recovers, which is likely after the RBI said in the MPC review that it will preserve market liquidity and the job market remains vibrant, then the buyer of the affordable housing segment can speed up the property ownership process. Right now, we understand the step taken in this MPC by the RBI and hope that growth forecasts will improve, leading to a vibrant real estate sector market.
Prasoon Chauhan, Founder & CEO, BlackOpal
"While the RBI has kept the repo rate unchanged, we feel that real estate will benefit from the position of the Apex bank that the NBFCs will have access to the targeted long-term repo activity (TLTRO). With this decision, we hope the liquidity situation will improve and the NBFCs will extend financial support to the real estate sector. The demand for real estate assets is already strong and we are seeing increased sales in the coming quarter due to multiple factors including low home loan interest rates."