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Shishir Baijal, Chairman & Managing Director, Knight Frank (India). This real-estate consultancy firm has over 900 experts across Mumbai, Bengaluru, Delhi-NCR, Pune, Hyderabad, Chennai and Kolkata in India.
Several amendments to the Real Estate (Regulation and Development) Bill, 2015, suggested by the select committee of Rajya Sabha, have now been accepted by the Union Cabinet.
Reserve Bank of India (RBI) has kept the key rates unchanged at his last monetary policy review meet, so there is no reason for the home buyers to cheer. This is done citing inflationary pressures, which means it will now only be on banks and loan companies to reduce the home loan rates. RBI decided to maintain status quo on policy rate at 6.5 per cent in its bimonthly policy review.
Post the economic downturn in 2008, the real estate industry came to a standstill with subdued demand and almost no investment in the sector. Even a few years after 2008, the sector just about managed to stay afloat.
PM Narendra Modi announcement yesterday regarding scrapping of Rs 500 and Rs 1,000 notes has received all kinds of reactions from the real estate industry. While experts believe that the real estate sector is going to be most affected by the government’s decision, considering that it is one of the biggest receivers of black money, CW reports some industry reactions on the same.
This has been one of the pathbreaking budgets with far-reaching changes especially for the real estate sector. It is positive that the real estate sector has come in the central spectrum of the Union Budget. This has come at a time when the beleaguered sector has been looking at measures to boost the sentiments
There is never a dull moment in real estate. The year 2016 began promisingly in comparison to 2015; however as things stand, the year isn’t expected to end on a healthy note. A major factor for this could be attributed to the policy developments by the government, which in the short term, have led to an unpredictable disruption but in the long run are projected to augur well for the industry as a whole.
The Monetary Policy Committee (MPC) review meeting has concluded, announcing no policy rate change (repo rate stays at 6.25 per cent, the reverse repo rate at 6 per cent, and marginal standing facility rate at 6.5 per cent). It maintained its neutral monetary policy stance, but significantly softened its tone on inflation. Five out of six members were in favour of the monetary policy decision.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, says: “The Union Budget 2017-18 is a much awaited one considering that it comes against the backdrop of a challenging year for the real estate industry.
The calendar year 2017 had ushered with a glimmer of hope for home buyers and the stagnant residential market. Amid the aftershocks of demonetisation when a public sector bank lowered home loan rates, many felt that the move was to wash down the initial public angst following the note ban.
