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RBI steps will boost liquidity: Realtors
Niranjan Hiranandani Says banks need to pass on these benefits to customers quickly
The RBI's decision to cut key rates and give three-month moratorium on all term loans will boost liquidity and ease debt pressure, provided banks pass on these benefits to customers quickly, according to property developers and consultants.
The RBI cut repo rate to 4.4 per cent and reduced the cash reserve ratio maintained by the bank by 100 basis points. The reverse repo rate was cut by 90 bps to 4 per cent.
Commenting on the development, Credai Chairman Jaxay Shah said, "The economy is going through hard times. The decisions by RBI Governor is a much-awaited comprehensive package to ease the burden of all financial classes across the nation. We are assuming that the moratorium covers all home loans, auto loans and personal loans of any nature. It's very important that the hard working tax paying middle income segment of our society is provided this flexibility," he added.
Naredco President Niranjan Hiranandani said the RBI's move to pump fresh liquidity in the system will certainly help to mitigate the stressed cash flow and debt pressure in the economic system. "The success to masterstroke announcement by RBI will be in quick transmission of these liquidity tools down the line to uplift the appetite among the India Inc to notch up the economic revival," he added. Anarock Chairman Anuj Puri said RBI's move will push credit flow into all industries reeling under the impact of the coronavirus. "Given this time period, RBI will ensure that the benefit of the rate cut is directly passed on to actual consumers, which could eventually translate into more home loan takers," he said.
The moratorium of three months of EMIs on all outstanding loans will be a major relief to all concerned stakeholders. All in all, this big-bang announcement by the RBI will benefit all industries and is undoubtedly the most convincing intervention yet to tame a major economic crisis in the country," Puri said.
Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa said, "RBI is in a mission mode to nurture the market, preserve financial stability and the timing here is crucial."
