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“Post FM’s Budget Speech, RBI Governor likely to maintain status quo”: Dr Niranjan Hiranandani Any reduction in rates will be ‘advantage homebuyer’

Mumbai, 06 February 2017: The Budget Speech of the Hon’ble Finance Minister Shri Arun Jaitley was eagerly awaited by real estate as an industry – and he has come up with some policy related points which augur well for the industry, in turn making things better for the home buyer. Banks are flush with funds post demonetization, home loan rates are down – given this situation, the Reserve Bank of India (RBI) Governor Urjit Patel is likely to hold rates during the second monetary policy review after demonetization of old Rs 500 and Rs 1,000 currency notes.

“One, the banks are reducing home loan interest rates. Secondly, global crude prices are firming up. Between these two, and what the Hon’ble Finance Minister said in his Budget Speech relating to real estate, the RBI will most probably maintain status quo,” said Dr Niranjan Hiranandani, CMD Hiranandani Communities and Founder-President, NAREDCO (West). “For home seekers, the slim chance that the RBI Governor might spring a surprise and reduce the rates even by 0.25 bps might well be ‘advantage home buyer’,” said Niranjan Hiranandani.

The advantage of the ‘slim chances scenario’ is, if the RBI reduces rates, it will have a direct impact on home loan interest rates and EMIs,” he added. “However, given the current scenario, I am not sure we will see a rate cut, in all probably, status quo will be maintained,” he said.

Dr Niranjan Hiranandani pointed out that this Tuesday will be the second monetary policy review after demonetization of old Rs 500 and Rs 1,000 currency notes. The RBI Governor, in his first policy review in October had reduced the repo rate (short term lending rate) by 0.25 per cent. The second policy review was ‘no changes’. “The RBI has cut repo by 1.75 per cent since January 2015, pointed out Dr Niranjan Hiranandani.

“For a home buyer, the impact of demonetization of Rs 500 and Rs 1000 notes on home loan interest rates have been positive, and we look forward to home seekers ‘dream homes’ becoming a ‘reality’ – with home loans on offer at lower interest rates,” Dr Niranjan Hiranandani concluded.

~ Dr Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (Maharashtra), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.
  
 
 

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