1272017 A policy rate cut could have spurred housing market Industry | Business Standard News

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Press Trust of India | New Delhi Last Updated at December 6 2017 1910 IST

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A policy rate cut could have spurredhousing market Industry

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The realty sector was not expecting any reduction in key interestrates by the RBI but any policy loosening could have provided a bigthrust to the housing market facing a multi-year slowdown sayproperty builders and consultants

Nonetheless the developers are optimistic that there is still roomfor banks to bring down the rate on home loans

A rate cut today could have allowed the potential buyers to investin property as the EMIs would have reduced further in comingmonths said Manoj Gaur Vice-President CREDAI- National andMD the Gaurs Group

Gaur expects the RBI to cut rate in the next policy review after aneutral review for the second straight time

NAREDCO President Niranjan Hiranandani said Going by themarket sentiment it seemed that the RBI was not likely to lowerthe key interest rate and would stay focused on controllingination

One would ideally have looked for a rate cut but the scenario isone where the RBIs monetary policy committee maintained theexisting repo rate in the monetary policy review he added

Anuj Puri Chairman ANAROCK Property Consultants said As was expected the RBI kept the repo rateunchanged at 625 per cent For the real estate sector which is still reeling under pressure fromdemonetisation and the policy shake-up created by the RERA (Real Estate Regulatory Authority) and GSTa rate cut could have denitely allayed fears of a continued lack of momentum

Housing prices will not be aected by the unchanged monetary policy Puri added

According to Pacic Group Executive Director Abhishek Bansal a rate cut of 25 basis points could have

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1272017 A policy rate cut could have spurred housing market Industry | Business Standard News

httpwwwbusiness-standardcomarticlepti-storiesa-policy-rate-cut-could-have-spurred-housing-market-industry-117120601137_1html 24

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helped ease pressure o the market which has been balancing itself amid confusions relating to theRERA and GST

Knight Frank Chairman and Managing Director Shishir Baijal said a cut in the policy rate could havehelped stimulate growth and demand particularly in the wake of the recent Moodys India upgrade

The monetary policy committees decision to maintain status quo on the rate cut is largely in consensuswith industry expectations said Anshuman Magazine CBRE Chairman India and South-East Asia

Recent market sentiment such as increase in GDP growth rate and Moodys rating upgrade has startedto revive There has been certain movement in the credit growth in recent months he said but addedthat rising ination remains a concern

Vikas Bhasin MD Saya Group said Even though the RBI did not cut the repo rate today still there is alot of room for the banks to further reduce the lending rates

Pradeep Aggarwal co-founder and Chairman Signature Global observed that the rate cut could haveboosted demand for housing

(This story has not been edited by Business Standard sta and is auto-generated from a syndicated feed)

First Published Wed December 06 2017 1910 IST

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