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The RBI had recently decided to cut the rate of interest to boost up the sale of property in the real estate market. The real estate developers are of the opinion, that the banks should pass on this benefit to the developers as well as the property buyers. This can increase the property sales to a great extent. The development of the real estate sector has been sluggish in recent months. A few weeks earlier, the RBI had slashed the rate of interest by 25 basis points. This was the second cut in 2019. The development has been important for the real estate industry, as it might require the property buyers to pay lower EMI for home loans and other types of loans.
It is expected that the move made by the RBI will lift up the sentiments of the industry.The real estate players believe that the banks will also cut the rate of interest for loans, that will bring about a relief to the stakeholders. The EMIs and corporates will also benefit from this. In the process, a larger number of home sales might take place in the coming months.
The President of CREDAI, the apex body of realtors said that the rate cut is a good sign for the real estate sector. This will lead to an enhancement in the sentiments of the property buyers. The revival of the real estate industry is likely to get a new impetus. Particularly, this boost has been much awaited after the NBFC crisis. The homeowners will be relieved of the burden of EMI, and in the process, they will have a greater purchasing power. The Indian real estate sector is likely to immensely benefit if the rates are lowered.
Experts say that the RBI has performed its role, cutting down the repo rate. It is now up to the banks to make the next move. Once the home loan rates are decreased, the fence-sitters will be encouraged to make the purchase. This will benefit the real estate industry. A positive impact in the buyers’ sentiment will lead to an increment in sale of properties.
The real estate industry in India has been evolving over the last few years. Homeowners will benefit if they have a greater purchasing power and need to make a lower EMI payment. In the last few months, the rate of GST had also been reduced. The market is turning in favour of the buyers. This is a good time for real estate investors to make the purchase. They can yield good returns from these properties in the coming years. The realtors feel that the banks should pass on the benefits of reduced repo rate to the loan-seekers. This will boost up the real estate industry in India.
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