Real Estate Industry is hails the RBI’s rate cut, hopes for stable market

By Accommodation Times News Services

rbiAs per the economic and industrial demand Reserve Bank of India (RBI) announced rate cut for the third time in a year, following the subdue inflation and stable economic growth.  Since January this year the repo rate has been so far cut by 75 basis points and currently, it stands at 7.25%

Many economists and experts were predicting the rate cut. Real estate industry hails the RBI’s repo rate cut and predicts growth of the industry.

Mr.Lalit Kumar Jain, CMD, Kumar Urban Development Ltd and former Chairman CREDAI, said, steps like these are gradational in renewing the zest of the real estate sector. However, he regretted that the net effect has to be translated into an interest rate cut that has not happened as yet.

“It’s about time the government revisits the  actions like the one the NDA Government took in 1998 in order to fast track India’s growth story,” he said and suggested special tax free housing bond at 5% and granting home loans at 7%.

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