The Reserve Bank of India (RBI) saved the repo price unchanged at 6.50 per cent for fourth time in a row. This has gone down nicely among the many housing market as they’ve cheered the RBI Governor Shaktikanta Das led Monetary Policy Committee’s (MPC’s) determination to maintain the important thing rate of interest unchanged in not too long ago concluded RBI coverage assembly. They mentioned that the choice has come as reduction for each new debtors and present housing mortgage debtors. Becuase intrest price pause means no rise in dwelling mortgage EMI on each present dwelling loans and new loans.
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Bonanza for Diwali gross sales
Reacting to the end result of RBI financial coverage, Anuj Puri, Chairman at ANAROCK Group mentioned, “The unchanged repo rate is a festive bonanza for homebuyers and gives them yet another opportunity to make cost-optimized home purchases. If we consider the present trends, the overall consumer market looks bullish across sectors, particularly the automobile and housing markets, which in many ways reflect the health of the economy. We are entering the festive quarter with a very strong momentum in housing sales, and unchanged interest rates will act as a major catalyst for growth in the residential market.”
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“As per ANAROCK Research, housing sales across the top 7 cities created a new peak in Q3 2023 (despite the usually slow monsoon quarter) and stood at 1,20,280 units as against over 88,230 units sold in Q3 2022, thus recording 36% yearly growth. Thanks to the stable repo rate and the resultantly stable home loan interest rates, we can expect the momentum to continue,” Puri added.
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Radheecka Rakesh Garg, Director at Rajdarbar Realty mentioned, “The decision by RBI not to increase the repo rate will catalyse the housing sale in Diwali. Since the festival season is considered an auspicious time in the country to buy a home, it will boost the festive spirit and the realty sector, and we expect massive traction in housing sale in the coming months.”
Expecting push to Diwali dwelling gross sales after RBI coverage final result, Nayan Raheja of Raheja Developers mentioned, “The housing sector has been performing well for some time, and the RBI’s decision to maintain the status quo has further bolstered the trend. The market is receptive to the current 6.5% repo rate, and the developers have lined up new launches and exciting offers in anticipation of the massive sale. Demand for premium and luxury projects is at an all-time high, and this Diwali, we are expecting record-breaking performance by the housing sector.”
Expecting price pause by RBI to push competition gross sales, Rakesh Yadav, CMD at Antriksh India Group mentioned, “In current quarters, housin g gross sales has witness some upside in coparison to the corresponding interval in earlier 12 months. Hence, we predict rise in competition sale in 2023. This RBI MPC assembly final result to maintain repo price at 6.50 per cent is certainly going to work as a catalyst for potential homebuyers.”
No rise in home loan EMI
On how this would impact home loan EMI of both new and existing home loan borrowers, Pankaj Mathpal, MD & CEO at Optima Money Managers said, “After the rise in repo price, banks hike rate of interest on their retail loans and after the mortgage rate of interest hike, they normally enhance tenure of the mortgage as an alternative of month-to-month EMI. So, after the speed pause by RBI MPC, there shall be no rise in dwelling mortgage EMI for each new debtors and present dwelling mortgage debtors.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 06 Oct 2023, 01:16 PM IST
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