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Unchanged repo rate comes as relief for affordable segment homebuyers
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IANS | 06 Apr, 2023
The RBI's decision to keep the repo rates unchanged on Thursday came as a
relief to affordable and mid segment homebuyers who feared a possible
rate hike.
Real Estate consultant Anarock termed the unchanged Repo Rates as a boon for the Housing sector.
Anuj
Puri, Chairman, Anarock Group said that much against general
expectations, the RBI decided to keep the repo rates unchanged at 6.5
per cent.
"This is indeed good for the residential real estate
market, which faces a tough road ahead amid massive layoffs by large
corporates the world over. India is not decoupled from global economic
dynamics and their invariable impact on the housing uptake here. The
RBI's decision to keep the repo rates unchanged comes as a welcome
respite to homebuyers," he added.
This particularly gives relief
to affordable and mid segment homebuyers who feared a possible rate
hike, making property buying via home loans even harder. As is,
affordable housing has been under stress since the pandemic.
ANAROCK
Research indicates that in 2019, out of the total sales of nearly
2,61,400 units across the top seven cities nearly 38 per cent sales were
in the affordable segment. But in 2022, out of the total 3,64,880 units
sold across the top seven cities altogether, about 26 per cent were in
the affordable category. There has been a further dip in overall sales
share in Q1 2023, as well. Out of total 1.14 lakh units sold in the top
seven cities in Q1 2023, affordable housing comprised just 20 per cent
share (or. approx. 23,110 units sold).
Niranjan Hiranandani, Vice
Chairman, NAREDCO National said that this act of relief will restore
confidence in homebuyers' sentiment and boost demand rally in the real
estate.
"The industry body now calls for fiscal intervention from
the Government of India to cool the inflationary heat caused by
persistent geopolitical turbulence caused by the collapse of foreign
banks, supply chain challenges, and global financial instability.
Additionally, devising innovative flexi or step-up EMI schemes by the
banks and FIIS will be conducive for the market players to onboard new
home buyers in the high interest rate regime," he added.
Pradeep
Aggarwal, Chairman, Signature Global said that 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
per cent, marking a 40-50 per cent 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 cent per annum,
creating a substantial impact on buyer sentiments and affordability," he
added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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