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Mumbai: RBI’s step is good for business: developers

As soon as it was announced that as per the directive of representatives of the Reserve Bank of India, there would be a reduction of the repo rate by 25 basic points, several developers shared their optimism about this measure favouring sales of real estate developments. This is because it would now become easier for investors to take less expensive home loans.

 

To quote Paras Gundecha, President of Maharashtra Chamber of Housing Industry – The Confederation of Real Estate Developers’ Associations of India (MCHI-CREDAI), “It is a small, but good beginning. We hope that RBI will come out with many more such steps. And, bankers will follow suit by cutting down the lending rates.” However, several potential buyers and industry experts believe that developers also have meet buyers halfway and scale down the property prices to encourage sales.

 

Favista’s view: The government is taking steps to favour affordable housing. Considering the number of unsold inventories recorded last year, some developers are willing to reduce prices of some property or offer discounts and certain incentives to buyers. Whether there will be an overall reduction of property rates in Mumbai by a substantial amount, still remains to be seen.

About Sanjit Sharma

Sr. Online Marketing Executive with Favista Real Estate Pvt. Ltd.
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