he Reserve Bank of India (RBI) maintained its accommodative stance in the latest Monetary Policy Committee (MPC) meeting by keeping the repo rate unchanged at 6.50 percent. This decision, consistent since April 2023, suggests a concerted effort to mitigate inflationary pressures. The move is expected to buoy sentiment among homebuyers, potentially revitalizing the real estate market.
Throughout the Financial Year 2023-24, the RBI refrained from altering the repo rate, with the Monetary Policy Committee convening on multiple occasions to deliberate on inflation management. Following a series of six consecutive hikes totaling 250 basis points in FY 2022-23, the central bank's decision to maintain the status quo comes as a relief for prospective homebuyers. The stability in lending rates, resulting from the RBI's neutral stance, is anticipated to encourage investment in the housing sector and stabilize Equated Monthly Installments (EMIs) for the time being.
Industry experts had initially anticipated a rise in the repo rate during the first MPC meeting of FY 2023-24, which could have deterred some homebuyers. However, the RBI's decision to hold the repo rate steady is seen as a positive development, potentially halting the upward trajectory of home loan interest rates. This stance is expected to bolster the demand for housing and inject liquidity into the sector, fostering growth while maintaining inflationary concerns under control.
Source: www.99acres.com
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