Real estate industry says RBI rate cut to boost housing demand by buyers
"What we need is creation of a robust supply to curb inflation, for which RBI needs to continue to ease fund supply position, month-on-month and quarter-on-quarter for realty sector," CREDAI National President Lalit Kumar Jain said.
National Real Estate Development Council (NAREDCO) said infusion of additional funds will trigger businesses for real estate and around 300 affiliate sectors and lift the declining IIP figures.
"To revive housing industry, there is also a need to bring down the high mortgage rates to improve common man's affordability, which had been hit in past because of high inflation and rocketing interest rates. Hopefully monetary and fiscal policies of 2013 will prove promising for both realtors as well as buyers," NAREDCO Director General R R Singh said.
Realty consultant Cushman & Wakefield (C&W) said the central bank has been keen on keeping inflationary pressures under control, which had led to stringent moves from the RBI over the past nine months.
"Backed by relaxation in repo and CRR...and contained inflation, institutions are expected to offer better rate of interest on loans and may also increase deployment in infrastructure and development projects," C&W Executive MD (South Asia) Sanjay Dutt said.
CBRE South Asia Chairman and MD Anshuman Magazine said: "This reduction in the CRR and Repo rate will bring in some liquidity into the banking sector. This is a positive move and hopefully will reduce interest rates marginally, which will help the