Wed Oct 09 07:20:58 UTC 2024: ## RBI Holds Repo Rate Steady at 6.5%, Boosting Real Estate Confidence
**New Delhi:** The Reserve Bank of India (RBI) has maintained the repo rate at 6.5%, offering a sigh of relief to the real estate sector, especially during the festive season. Experts believe that the RBI’s stance has shifted to ‘neutral’, suggesting potential interest rate cuts in the future, considering global economic uncertainties.
The decision to keep the repo rate unchanged means no increase in home loan EMIs, a positive factor for both homebuyers and developers.
“The announcement by the RBI to maintain the repo rate will boost the market, both buyers and developers,” said Manoj Gaur, CMD of Gaurs Group and President of CREDAI, adding that the RBI has hinted at possible interest rate reductions in the near future.
Amit Modi, Director of County Group, highlighted the importance of the decision for sustaining market momentum and keeping homeownership affordable.
Real estate developers are optimistic about the impact of the RBI’s decision on sales during the festive season. Sanjay Sharma, Director of SKA Group, believes it will encourage homebuyers to make purchases. Yash Miglani, MD of Migsun Group, stated that the positive development in the real estate sector and increasing consumption will continue with the unchanged repo rate.
“The decision will have a positive impact throughout the festive season, including Navratri and Diwali,” said Piyush Kansal, Executive Director of Royal Estate Group.
The stable repo rate has also been welcomed by homebuyers. Sanjeev Arora, Director of 360 Realtors, said the stability will instill greater confidence and enthusiasm among potential buyers.
Sandeep Chiller, Founder and Chairman of Landmark Group, believes that the unchanged repo rate will attract more homebuyers, driving further growth in the sector.
“The RBI’s decision to keep the repo rate at 6.5% will boost sales,” said Saurabh Saharan, Group Managing Director of HCBs Developments. “It will also reduce financial pressure for potential buyers.”
The decision is seen as a positive step for the real estate sector, which has performed well in recent years. This will allow developers to cater to evolving needs and create new projects.
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