Piyush Gupta, MD, Capital Markets & Investment Services at Colliers India
“After six consecutive hikes, RBI MPC’s decision to pause on further increase in rates is a welcome move. With inflationary pressures now taming down, this will bring back focus on growth, credit off-take, consumer spending, Real Estate, Infrastructure and specifically housing sector demand.”
Amit Goyal, CEO, India Sotheby’s International Realty
Despite inflationary pressure and other geopolitical issues, RBI Decision to maintain the status quo on policy rates is good news for home buyers. Rising home loan interest rates has become a growing concern for both home buyers and supply-side stakeholders. To some extent the higher home loan interest rates have dampened the demand for affordable and mid-segment housing as buyers in these segments are more price-sensitive. While the luxury and high-end segments have not been significantly impacted yet, further increases could have affected the overall industry.
We remain optimistic that inflation will come under control and there will be no further increase in policy rates.
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd. Says on RBI policy review
“The RBI’s choice to leave policy rates unchanged is a significant relief for prospective homebuyers, as well as for supply-side stakeholders. The past three quarters have seen a gradual rise in home loan interest rates, causing a significant impact on borrowers as rates have surged to over 9%, marking a 40-50% increase from their historical low. Any additional policy rate hike could push home loan interest rates even closer to the psychological threshold of 10% per annum, creating a substantial impact on buyer sentiments and affordability.
Given the increase in home loan interest rates, we strongly encourage state governments to provide some relief to homebuyers by offering stamp duty rebates or registration fee waivers. Such measures would help mitigate the financial burden on buyers and make homes more affordable for those looking to buy their home.”
Mr. V Swaminathan, Executive Chairman, Andromeda loans and Apnapaisa.com
The RBI’s choice to keep policy rates unchanged will offer relief to borrowers. We are optimistic that this decision will contribute to stabilizing the economy and curbing inflation in the long run, leading to improved overall financial health for the country.
