Real estate blossomed due to no increase in repo rate, home loan will not be expensive and…

[ad_1]

Mumbai : After increasing the interest rate six times back-to-back from May 2022 by the Reserve Bank of India (RBI), not increasing the repo rate for the seventh time, the real estate sector of the country blossomed and the faces of the businessmen of this sector brightened. The reason for this is that due to increase in repo rate, home loan will not become expensive and when home loan will not become expensive, then the sale of home will increase. And when the sale of houses built in the country will increase, then the brightness will return in the real estate sector. If the businessmen of the real estate sector are to be believed, as soon as the RBI pressed the button to stop the repo rate and announced it on Thursday, the faces of the people associated with the real estate sector blossomed with joy. Not only this, after the announcement by the RBI Governor to keep the repo rate unchanged at 6.5 per cent, Nifty Realty registered a gain of more than 2 per cent.

Recorded 20 percent growth for the first time in 15 years

Shishir Baijal, chairman and managing director of Knight Frank India, said during a media interaction that the real estate sector has faced home loan interest rates ranging from a low of 6.5 per cent to a high of 8.75 per cent. According to a Money Control report, in the first quarter of this year, the real estate market registered a strong sales growth of 20 per cent year-on-year, which is the highest level during the last 15 years.

Relief to customers troubled by interest rate

At the same time, Y Vishwanath Goud, Managing Director (MD) and Chief Executive Officer (CEO) of LIC Housing Finance said that the decision not to change the policy rate repo is welcome. This will give some relief to the customers troubled by the ever increasing interest rate. Today’s move has given positive signals and has improved sentiment.

Good sign for corporate sector

Dr. Pawan Singh, Managing Director and CEO of PTC India Financial Services, said that the decision to keep the policy interest rate repo rate at 6.50 percent is positive. This is a good sign for the economy as well as for the corporate sector. The RBI has relatively balanced both inflationary pressures and growth.

Strong arrangement to tell credit score

RBI Governor Shaktikanta Das said on Thursday that the RBI has put in place a complaint redressal mechanism and customer service related to the services provided by financial institutions (CIs) and companies (CICs) providing information and services to people about their credit scores. A comprehensive framework will be prepared for strengthening and improving it. He said that for this the CIC has been brought under the purview of the Integrated Ombudsman Scheme of the Reserve Bank. Apart from this, a compensation mechanism has also been proposed for delay in updating or rectification of ‘credit’ information.

[ad_2]

Source link