Ashok Mohanani - President, NAREDCO Maharashtra on RBI policy announcement

 

"The economic growth needs to be supported through the monetary policy and this is the foremost reason that the RBI has continued its accommodative stance. It has focused on balancing liquidity in the financial system while keeping inflation within its target. The interest rates will continue to be at a record low, however the banks should pass on the benefits to the customers which will boost real estate demand. Like the last quarter, we expect the demand to be robust in the Mumbai MMR region in this quarter. The state government's recent announcement of reduction on premiums for developers along with stamp duty reduction for buyers will have a cascading impact on project sales, which will provide an immediate boost to the ailing sector. In the recently concluded Union Budget too the Central Government has focused and put a step in the right direction to revive the economy after the repercussion of the COVID-19 impact. It has sustained its thrust on affordable housing which will further help achieve the Prime Minister's vision of Housing for All. The real estate sector in India is expected to reach USD one trillion by 2030 and it will contribute 13 percent to the country's GDP by 2025. The Government should keep a continuous check in the form of reforms that will give a fillip to the real estate sector and will indirectly help revive the economy."