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Low Interest Rates Can Give a Positive Boost to Real Estate’: Niranjan Hiranandani Date : Dec 4, 2014
Given the ‘challenging phase’ as a result of the economic slowdown in the past couple of years, the change in Government at the Centre had evoked positive sentiment among all stakeholders in Indian real estate. “The focus of Prime Minister Narendra Modi’s Government seems to be on ‘affordable housing’, and going by Union Urban Development and Housing minister M Venkaiah Naidu’s promise of a turnaround in the real estate sector, all stakeholders in Indian real estate are looking forward to ‘Better Days’,” said Niranjan Hiranandani, MD, Hiranandani Constructions.
“For the home seeker as also the real estate industry, expectations have been high. Given the impact of the past couple of years’ economic slowdown, the need of the hour is measures by the authorities that would result in a ‘turnaround’,” said Niranjan Hiranandani. “Low interest rates on home loans can give a positive boost to real estate, all stakeholders were looking forward to the RBI review to hopefully, enable the same. However, on 02 December, the Reserve Bank of India (RBI) kept the policy rate unchanged – and this was the fifth time in a row. As a result, home loans will not become cheaper. While one understands the need for keeping inflation in check, growth could have been given a helping hand,” he added. Recent data suggested that the situation was ‘in control’, given low oil prices: India's annual consumer price inflation slowed to 5.52 per cent in October, sharply down from a peak of 11.16 per cent in November last year. |
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