Unchanged repo rate a festive bonanza for homebuyers: Property Consultants

financialexpress.com:

The Reserve Bank of India on Friday maintained the pause in the repo rate for the fourth consecutive time, which is good news for homebuyers.

According to industry experts, 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,” said Anuj Puri, Chairman, ANAROCK Group.

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, the momentum is likely to continue.

Also Read: RBI keeps repo rate unchanged at 6.5% – What it means for homebuyers?

For prospective homebuyers, the RBI decision carries positive implications, as it implies the likelihood of lower future EMIs. “This move is expected to inspire confidence among those who had hesitated to enter the real estate market, potentially unleashing pent-up demand. Furthermore, the timing aligns favorably with the upcoming festive season in the residential real estate sector. With stable interest rates and the promise of reduced EMIs, the festive season is poised to witness heightened activity in the housing market,” said Garvit Tiwari, Director & Co-Founder,