Relief for real estate sector in Mumbai, say builders | Mumbai news - Hindustan Times
close_game
close_game

Relief for real estate sector in Mumbai, say builders

Hindustan Times, Mumbai | By
Apr 05, 2019 06:52 AM IST

The reduced Repo rates could result in lower interest rates on home loans as well as lower equated monthly instalments (EMIs) for home buyers. Builders will benefit as funds to execute their projects will be available at cheaper rates.

The real estate sector in Mumbai has reacted positively to the Reserve Bank of India’s (RBI) decision on Thursday to reduce the repo rates (RR) by 25 basis points (bps). The move could result in lower interest rates on home loans as well as lower equated monthly instalments (EMIs) for home buyers. Builders will benefit as funds to execute their projects will be available at cheaper rates.

The Reserve Bank of India’s (RBI) decision on Thursday to reduce the repo rates (RR) by 25 basis points (bps).(Mint)
The Reserve Bank of India’s (RBI) decision on Thursday to reduce the repo rates (RR) by 25 basis points (bps).(Mint)

Amit Ruparel, managing director, Ruparel Realty, called it a perfectly-timed move. “Reducing the interest on home loans creates a perfect setting for an optimistic start to new financial year. With Gudi Padwa and Akshay Tritiya a few days away, we anticipate this announcement will result in increased residential sales,” said Ruparel.

Hindustan Times - your fastest source for breaking news! Read now.

Surendra Hiranandani, fou-nder and director, House of Hiranandani, said the cut will provide relief to the realty sector. “Consecutive rate cuts will lead to lower lending rates which augur well for the sector as they will bring back fence-sitters in the market,” he said.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On