Realty cos expect lower home loan rates
The Financial Express, March 5, 2009, Page 2
fe Bureau
The real estate sector, which is facing a slump in demand, hail rate cuts by the Reserve Bank of India, saying the move would help in easing the credit flow for developers and benefit home buyers, as interest on home loans is expected to come down further.
Reacting to the rate cuts, Rajeev Talwar, executive director, DLF Group said, “It’s a very good decision. This will benefit not only real estate but also the entire industry. Liquidity will increase and interest on home loans is also expected to come down.”
Anuj Puri, country head, Jones Lang LaSalle Meghraj, said that all this is necessary to improve the sales volume in real estate.
Parsvnath Developers chairman Pradeep Jain said, “It’s a good move to cut rates. With this liquidity will increase. I expect that banks will reduce interest rates for borrowers, which will benefit both realty sector as well as home buyers.”
He said that the financial institutions should “lend money to borrowers instead of investing in government securities.”
Hailing the RBI decision, Unitech managing director Sanjay Chandra said, “It’s a welcome move and would help in easing the much required liquidity in the market. It also shows that the government is committed to stimulate the market through various possible measures.”
Chairman and managing director of global property consultant CB Richard Ellis (South Asia) Anshuman Magazine said, “This (rate cuts) was expected. We have to make money available at lower costs...this move is in the right direction.”
If interest rates on home loans fall, then it would be good for home buyers as housing prices have started to rationalise, he added.
Assotech managing director Sanjeev Srivastava said that the decision would result in lower borrowing cost for the industry as well as leave more money with the consumers to spend on housing, automobiles and other requirements.
Naveen Raheja, managing director, Raheja Developers said, “The banks are not passing the corresponding benefits to the industry. Unless the banks do it, this will not translate in real tangible benefit to the economy as well as the real estate sector.”
The Financial Express, March 5, 2009, Page 2
fe Bureau
The real estate sector, which is facing a slump in demand, hail rate cuts by the Reserve Bank of India, saying the move would help in easing the credit flow for developers and benefit home buyers, as interest on home loans is expected to come down further.
Reacting to the rate cuts, Rajeev Talwar, executive director, DLF Group said, “It’s a very good decision. This will benefit not only real estate but also the entire industry. Liquidity will increase and interest on home loans is also expected to come down.”
Anuj Puri, country head, Jones Lang LaSalle Meghraj, said that all this is necessary to improve the sales volume in real estate.
Parsvnath Developers chairman Pradeep Jain said, “It’s a good move to cut rates. With this liquidity will increase. I expect that banks will reduce interest rates for borrowers, which will benefit both realty sector as well as home buyers.”
He said that the financial institutions should “lend money to borrowers instead of investing in government securities.”
Hailing the RBI decision, Unitech managing director Sanjay Chandra said, “It’s a welcome move and would help in easing the much required liquidity in the market. It also shows that the government is committed to stimulate the market through various possible measures.”
Chairman and managing director of global property consultant CB Richard Ellis (South Asia) Anshuman Magazine said, “This (rate cuts) was expected. We have to make money available at lower costs...this move is in the right direction.”
If interest rates on home loans fall, then it would be good for home buyers as housing prices have started to rationalise, he added.
Assotech managing director Sanjeev Srivastava said that the decision would result in lower borrowing cost for the industry as well as leave more money with the consumers to spend on housing, automobiles and other requirements.
Naveen Raheja, managing director, Raheja Developers said, “The banks are not passing the corresponding benefits to the industry. Unless the banks do it, this will not translate in real tangible benefit to the economy as well as the real estate sector.”
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