‘Housing demand, foreign investment to get boost’
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Realty developers and property consultants said that the cut in repo rate would boost housing demand and encourage foreign investment in the sector. Developers and consultants expect the move would lead to reduction in interest rates for buyers as well as builders.
Unitech MD Sanjay Chandra said, "This is a small but necessary positive move to boost investment as well as demand in the real estate sector. These growth oriented monetary measures combined with the government's fiscal measures should augur well for the industry in 2013."
Global realty consultant Jones Lang LaSalle (JLL) India said the RBI has shown commitment to improve liquidity in a cash-strapped economy by reducing the policy rates.
"There should be a revival in investment and growth, including in the real estate space...RBI's policy is definitely a key to boosting real estate market sentiment and sending out positive signals to global investors," JLL India MD (Capital Markets) Shobhit Agarwal said.
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