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RBI move on expected lines, say realty players


A majority of real estate players found the RBI decision to keep policy rates unchanged on expected lines. Herewith we reproduce the response received from prominent stakeholders.

Dhruv Agarwala Group CEO,, and,

“The status quo on repo rate was expected as inflationary pressures made it difficult to cut rates further. Rationalising risk weightage on home loans and linking it to Loan to Value (LTV) ratio will effectively result in higher credit flow to the real estate sector, which is positive news for the sector. Also, the hike in credit limit for retail exposure by a single lending entity from Rs. 5 crore to Rs 7.5 crore is a welcome move that will immensely help both retail as well as small businesses.”

Dhruv Agarwala

Group CEO,, and

Ashish Bhutani MD & CEO, Bhutani Infra

“The decision of the RBI to keep repo rate unchanged was taken due to the signs of revival that the MPC has observed recently. However, the bank should have taken into consideration the need for liquidity. The apex bank has also talked about improving liquidity in the market, which will have a direct bearing on the real estate too. Like the RBI we too are optimistic about the economic growth. Having said that we were hoping for announcements that can specifically talk about various sectors and how banks are going to help improve the growth.”


Ashish Bhutani

MD & CEO, Bhutani Infra 

Ankit Kansal Founder & MD, 360 Realtors

“The decision by RBI to keep the repo and reverse repo rate unchanged underpins the accommodative policy by the Government alongside reining the inflation rate.  This should have an overall positive impact on the recovering real estate industry as an accommodative stance should plug-in the liquidity crunch in the market. Likewise, managing inflation will control the cost.”

Ankit Kansal

Founder & MD, 360 Realtors


Uddhav Poddar MD, Bhumika Group

“The real estate sector is badly affected due to the pandemic, and it needs support from the banks. One of the biggest issues with some of the realtors is the liquidity issue, and we hope RBI will address it as it has announced to take steps to ease liquidity.  One of the announcements that is beneficial for the sector is that the new housing loans to be linked to LTV only. We hope that the buyers will take advantage of the situation and realize their dreams of owning a home.”

Uddhav Poddar

MD, Bhumika Group

Amit Modi Director, ABA Corp

“Even though the apex bank has kept the rates unchanged, we still believe that there is room for financial institutions to cut down on their lending rates for their customers. During lockdown, the RBI reduced the repo rate which failed to bring cheer to the market. However, the stagnant rates might have helped smooth the economy to some extent and the benefits of which are yet to be fully passed on to the customers.”

Amit Modi


Director, ABA Corp

Mr. Manoj Kumar

“With inflation remaining above the targeted level, status quo on policy was expected. But it is indeed heartening to note that despite not much room available for lowering of rates, the apex has yet ensured some relief for the real estate sector. The lowering of risk weightage on home loans and linking it to LTV only will ensure more credit to customers and thereby to the sector.”

Manoj Gaur

MD, Gaurs Group

Pradeep Aggarwal Founder & Chairman, Signature Global

“It was an expected move by the RBI to keep the repo rate unchanged, and it is commendable that it is doing its part to ensure that the economy stays on the right path. Loan on LTV will be helpful for the real estate sector, and it will help them get more loan amount.”


Pradeep Aggarwal

Founder & Chairman, Signature Global 

Abhishek Bansal Executive Director, Pacific Group

“It was an expected move, as we all understand that the repo rate is already low. The real estate market has started picking up as people are enjoying the low-interest rates and subdued pricing. The sector is also enjoying the fruits of the changed mindset of people towards owning a real estate asset, be it for living or earning extra income.”

Abhishek Bansal

Executive Director, Pacific Group 


Deepak Kapoor Director, Gulshan

“RBI should have made some announcement to improve liquidity in the real estate sector as many developers are facing the heat after COVID-19 led to a complete shutdown of operations. The optimism of RBI regarding economic growth is welcome, and we hope that the government pays attention to the requirements of the sector, which is the largest employer in the country.”

Deepak Kapoor

Director, Gulshan 

Achal Raina COO, Raheja Developers

“The extension of lending limit for retail exposure from Rs 5 crore to Rs 7.5 crore along with reduction of risk weightage on home loans and linking it with LTV ratio augurs well for the real estate sector.”

Achal Raina


COO, Raheja Developers 

Yash Miglani MD, Migsun Group

“The real estate sector is enjoying the fruits of high consumer confidence for the past few months, and it will attain newer heights in this festive season. We were expecting the repo rate to remain unchanged, and the decision of the RBI will have no impact on the sector in the current scenario. In the latest announcement, the provision of housing loan to be linked with LTV is going to help the buyers, and hence the sector will see more sales.”

Yash Miglani

MD, Migsun Group 

Harvinder Singh Sikka MD, Sikka Group

“We understand the reasons for keeping the repo rate unchanged. However, one favourable measure for the real estate is that the new housing loans will be linked on to loan to value (LTV). It will help the buyers get loans easily and realise their dream of buying a home.”


Harvinder Singh Sikka

MD, Sikka Group 

Rajat Goel JMD MRG World

“RBI has kept the repo rate unchanged with prediction of GDP decline of about 9.5 pc for FY 21, which is on similar lines with prediction from rating agencies. Affordable housing segment has seen good number of enquiries from end-users amid the uncertain market conditions which are signs of positivity. Apart from this, RBI’s decision to take steps for infusing liquidity is awaited.”

Rajat Goel

JMD MRG World 


Amit Jain MD, Mahagun Group

“The announcement was on the expected lines; the good thing is that the RBI looked optimistic about the economic growth, which is a good sign. Real estate sector has already started witnessing positive growth and is speedily recovering from the loss of lockdown. The momentum is picking up pace in this festival season as buyers are enjoying low home loan interest rates.”

Amit Jain

MD, Mahagun Group

Vikas Bhasin CMD, Saya Homes

“We are optimistic that the measures announced by the RBI will help revive economic growth. Multiple announcements were made that will help other industries to go on a growth trajectory; this will have an indirect impact on real estate growth too as the sector is susceptible to economic changes.”

Vikas Bhasin


CMD, Saya Homes 

Raman Gupta Director- Branding & Construction, GBP Group

“Apart from keeping the repo rate at as low as 4 pc, RBI has also announced that it is ready to take steps that will infuse liquidity to improve financial conditions and we are looking forward to its positive impact on the recovering real estate sector.”

Raman Gupta

Director- Branding & Construction, GBP Group 

Kushagr Ansal Director, Ansal Housing

“The decision of the RBI to keep the new housing loans only to loan-to-value will encourage more buyers to come forward. The real estate market was looking good after the unlock, and this particular step will make more fence-sitters to decide on buying a home. Apart from that, the good sign is that the apex bank is optimistic about economic growth.”


Kushagr Ansal

Director, Ansal Housing 

Niranjan Hiranandani

“The RBI decision to keep repo rates unchanged is on expected lines. It affirms our belief that the worst is over for the Indian economy. Further reduction in key interest rates was not a possibility at this juncture. The decision to extend the scheme for co-lending to all NBFCs, HFC in respect of all eligible priority sector loans will allow greater operational flexibility to the lending institutions and is much welcomed.”

Niranjan Hiranandani

President, Naredco


Anshuman Magazine

“The RBI’s decision of keeping the repo rate unchanged was on expected lines owing to the rise in inflation in recent months. However, they’ve maintained an accommodative stance which is positive for the economy. RBI’s decisions to relax LTV guidelines and rationalize risk weights for home loans will further encourage homebuyers and their review of the co-origination model between banks and NBFCs and extended the scheme to all NBFCs (and banks) will improve the flow of credit in the economy. We are hopeful that these measures will strengthen recovery in residential demand and support construction activity as well.”

Anshuman Magazine

Chairman & CEO, CBRE India, South East Asia, Middle East & Africa. 

Arjunpreet Singh Sahni Executive Director, Solitaire Group

“Amid the dwindling economy as well as real estate sector struggling to cope up with weak demand due to the disruptions caused by the COVID-19 pandemic, we expected the RBI to further lower policy rate. However, we expect rate cut in the next policy review.”

Arjunpreet Singh Sahni


Executive Director, Solitaire Group 

Nitesh Kumar MD & CEO, Emami Realty

“RBI has once again considered the role of the real estate sector in the economic growth of the country. With the new initiatives, risk weights to be assigned to all home loans under as per loan-to-value on home loan make it safer and would reduce cost of Borrowing for NBFCs. This will boost credit sentiments and bring the much-needed positivity to the sector.”

Nitesh Kumar

MD & CEO, Emami Realty