Realty sector was very much in need of rate-cut

“Though it was an anticipated move, we were still banking upon RBI to slash down rates. The risk of inflation which continues to be on an upper side is a reason that rates haven’t been reduced. However, real estate sector was very much in need of a rate cut even if it was to be of 25-50 basis point. But, similar to last time, this policy review also did not brought any relief to the real estate sector as status quo was maintained. The realty sector is already under immense pressure due to negative market sentiments and lost demand. Besides this circle rates in NCR parts like Noida, Greater Noida and Ghaziabad have been increased. Also Registry charges in Noida have gone up this year. Then GST might also lead to increase in property prices. Therefore, in such a scenario, rate cut was the need of the hour to provide the much needed boost to the sector and to facilitating growth on the other hand.”

Mr. Deepak Kapoor, President, CREDAI Western UP