As RBI has today cut the Repo Rate by 25 bps bringing it down to 7.75%, Mr. Pradeep Jain, Chairman, Parsvnath Developers welcomes the move and terms it as the gateway to brighter days ahead. Appended herewith is the complete reaction by Mr. Jain for your kind perusal and consideration. Also attached is his high resolution image for your reference.
Mr. Pradeep Jain, Chairman, Parsvnath Developers –
“It was a much awaited move by RBI, though came as a surprise. In fact, this decision was on the cards. Inflationary pressures are working below the expected trajectory since July last year giving RBI a much desired space to free its arms. We were hopeful that the apex bank would lower the key rates in its Feb 03 review. Real estate sector has been struggling since last three quarters with lower demand and increasing inventories. Today’s decision would help reduction in EMIs thereby encouraging fence sitters to conclude deals. Developers would also get funds at comparatively lower rates.
As FM is meeting all the bankers today, this decision of rate cut is surely a positive indication of a brighter days ahead. We expect banks would also lower down their interest rates with immediate effect. We expect this year’s Union Budget would also bring same cheer to the industry and real estate sector in particular by awarding it infrastructure status which will enable it seek long term loans and a lower interest rate.”