In an expected move, the Reserve Bank of India (RBI) didn't move the interest rate anywhere, aka status quo. And this has triggered a happy response from India's real estate inc., which is still on antacids, trying to forget the budget22 heartburn.
Here's What The Real Estate Sector Folks Are Saying
📢 the historical low mortgage rates will continue to drive demand for housing.
📢 it is high time prospective homebuyers enter the market and close that dream-home deal.
The Backstory
In 2021, demand for housing saw an uptick by around 50-70% across the top-8 cities, thanks to good things like low interest rates on home loans, offers by builders and stable property prices.
Leaving the interest rate unchanged will catalyse the ongoing housing demand as homebuyers will continue to benefit from the lowest-ever home loan rate.
But, But, But...
🎙 "A continuation of this low interest rate regime supports the overall environment of affordability for some more time. While the window of opportunity for homebuyers to avail low interest rates has been extended for some more time, it is
unlikely to prevail for much longer - sooner or later, repo rates will rise," said Anuj Puri of Anarock.
🎙 "However, trends indicate that this historic low may not continue for long, and home seekers would be advised to pick up the home loan while still at such low rates," feels Niranjan Hiranandani.
And as housing sales remain robust, it seems the fear of missing out - FOMO - is legit, after all.
