Gurugram: Unchanged repo rate brings cheer to homebuyers, realtors

Sumedha Sharma

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Gurugram, April 5

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) kept the repo rate unchanged for the seventh consecutive time on Friday. The repo rate is maintained at 6.5 per cent and the decision is expected to further boost home sales in the country.

Developers step up New launches

Developers, on their part, have stepped up the pace of new launches, which is exhibited in the recent Q1 report. India is firmly on the path of progress and the decision by the RBI not to disturb the pace by keeping the repo rate unchanged will enthuse the sector and also provide some relief to borrowers as their EMIs will not rise. Nayan Raheja, Raheja Developers

Governor Shaktikanta Das, who heads the six-member Monetary Policy Committee (MPC), said in his address, “The MPC met from April 3-5. After a detailed assessment of the evolving macroeconomics and financial developments, it has been decided by a 5 to 1 majority to keep the policy repo rate unchanged at 6.5 per cent.” The MPC panel will next meet on June 5-7. The decision has brought cheer to the country’s realtors and industry stakeholders. The NCR developers believe that it will boost home sales and boost the market. Ankush Kaul, chief business officer, Ambience Group, said the unchanged repo rate would not only stabilise the interest rates for prospective buyers but also keep the public’s faith in the authorities intact with the elections around the corner.

Agreeing to it, Yashank Wason, managing director, Royal Green Realty, said with the RBI’s commitment of meeting the 4 per cent inflation target and acknowledging the upside risks, the realtors are navigating the market dynamics with caution, leveraging key policy rates for driving strategic investments and ensuring long-term viability.

Many Home developers feel that the consistency in repo rate is pro homebuyers and will benefit them more.

“The developers, on their part, have increased the pace of new launches, which is exhibited in the recent Q1 report. India is firmly on the path of progress and the decision by the RBI not to disturb the pace by keeping the repo rate unchanged will enthuse the sector and also provide some relief to borrowers as their EMIs will not rise,” said Nayan Raheja of Raheja Developers.

“The maintenance of repo rate will ensure long-waited stability and sustainable growth in the realty market. It will encourage more people to buy homes and get the encouragement to realise their dreams by opting for home loans,” adds Dr Renu Singh, director sales & marketing, Aarize Group.