CREDAI and NAREDCO, the apex bodies representing real estate developers, have jointly called for a reduction in the repo rate in the upcoming monetary policy. They argue that this move would lead to a decrease in interest rates on home loans, thereby stimulating demand for residential properties.
Boman Irani, the National President of CREDAI, highlighted the robust economic growth achieved in the previous fiscal year, attributing it to contributions from various sectors, including real estate. He emphasized that with favourable macro-economic indicators and a low CPI, the RBI has a significant opportunity to foster continued economic growth across industries.
Irani urged the RBI to consider cutting the repo rates for the first time since February 2023 in the upcoming monetary policy, leading to lower lending rates and increased consumer spending.
G Hari Babu, the National President of NAREDCO, acknowledged the RBI’s decision to maintain the status quo on the repo rate but emphasized the urgent need for intervention in the affordable housing sector. He expressed optimism that a reduction in the repo rate in the next MPC meeting would positively impact this segment.
Babu highlighted the strong performance of the real estate sector and emphasized the industry’s reliance on continued support from both the government and the RBI to sustain its momentum.
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