Low interest rate regime on home loans to continue: Realtors on RBI policy

 According to property developers and consultants, the Reserve Bank's decision to maintain key policy rates will result in continued low interest rates on home loans and assist the ongoing recovery of housing demand.

"RBI's accommodating position on keeping the repo and reverse repo rates unchanged is undeniably a progressive and cautious step," CREDAI President Harshvardhan Patodia said, "especially in times when the entire industry is carefully examining the likely impact of the new Omicron wave."

The continuation of low home-loan interest rates is likely to boost home purchasers' confidence and assist the ongoing market and economic recovery, which has been encouraging following a successful holiday season, he noted.

The real estate sector will gain from the low home loan interest rates that will persist as a result of the RBI MPC's decision, according to Niranjan Hiranandani, Vice Chairman of NAREDCO and MD of the Hiranandani Group.

"Homebuyers should take advantage of historically low home loan interest rates," he advised.

The home loan interest rate will remain below 7% per year, according to Amit Goyal, CEO of India Sotheby's International Realty.

"We expect the housing market to continue to strengthen. The impending budget has everyone's attention. If the government increases deductions for home loans in Budget 2022, it will strengthen the real estate sector."

The low mortgage rates, according to Sandeep Runwal, President of NAREDCO-Maharashtra, will last at least till the end of the year. "This will offer the necessary fuel for the economy's and real estate industry's growth."

The RBI's decision to maintain key policy rates constant was expected, according to Dhruv Agarwala, Group CEO of Housing.com, Makaan.com, and Proptiger.com.

"Much of the improvement in home sales over the last couple of quarters may be ascribed to the record low interest rate environment.

It would have been tremendously damaging to the overall economic recovery to disrupt the current momentum "he stated.

According to Ashwinder R Singh, CEO Residential, Bhartiya Urban, this will ensure that solid residential real estate sales continue in the near future, as long as home loan rates remain low.

The unchanged repo rates, according to Anarock Chairman Anuj Puri, will help keep the current low interest rate environment in place for a while longer.

"This is good for all house loan borrowers since the affordability climate will persist," Puri said.

The low interest rate environment, according to Shishir Baijal, Chairman and Managing Director of Knight Frank India, has been important in rejuvenating the real estate market in the recent six quarters.

"The RBI's initiatives, combined with other demand-stimulating measures, have helped to resurrect demand that had been stagnant for nearly seven years previous to 2020. The sector's cause will be furthered if the accommodating approach is maintained "Added he.

The same repo rate, according to Colliers India CEO Ramesh Nair, would continue to strengthen sentiment in the real estate market.

"The housing market is already experiencing a resurgence in sales, owing to low home loan rates, pent-up demand, and steady prices," Nair added.

The low house loan interest rate regime, according to Ram Raheja, Director of S Raheja Realty, has played a significant role in promoting India's real estate market, particularly during the Christmas season.

While rising commodity prices have put upward pressure on raw material costs, the economy's low-interest rate has been a big contribution to the housing sector's revival, according to Rohit Poddar, Managing Director, Poddar Housing & Development.

Lower home loan interest rates, according to Pradeep Misra, MD of New Modern Buildwell, will boost the real estate sector, particularly in tier 2 and 3 cities.

"Because interest rates, along with house cost, are two of the most important factors influencing people's buying decisions," he said, "we foresee reasonable demand for housing in the coming months."

The RBI's policy position, according to Investors Clinic founder Honeyy Katiyal, has been supportive of residential real estate, allowing realtors to clear inventory.

According to Kaushal Agarwal, Chairman of The Guardians Real Estate Advisory, the all-time low interest rate environment has bolstered house demand and aided the economy's return to pre-COVID levels.

The decision, according to Shiv Parekh, founder of hBits, a company that promotes fractional property ownership, will benefit the real estate sector.

The same repo rate, according to Harresh Mehta, Chairman and Managing Director of Rohan Life Capes, will benefit house loan borrowers and the real estate market in general.

"RBI's announcement to maintain its accommodative attitude is a positive gesture to assist recovery and defend economic fundamentals against the dangers emanating from any exponential outbreak of omicron variant," said Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd.

"The Fed's decision to keep rates unchanged bodes well for achieving equilibrium in the real estate industry's demand-supply economics." With the current low loan interest rate environment, property sales in major Indian cities would continue to increase. In the short to medium term, equity markets are projected to stay exuberant, and the real estate index will continue to advance with a favourable bias."

Conclusion

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