MUMBAI: The RBI’s decision to keep the Repo and CRR rates unchanged is letting the entire industries in general and housing industry in particular, down considering the slowdown in the economy.
A cut in both the rates was the need of the hour as it would have led banks to bring down the rates and made home loans affordable to the buyers. Currently, sentiment to invest in any growth or expansion of any business is low, and there was a need to provide succor to the consumers at large. Considering the past few cuts in the rates, Industry and home buyers were expecting the similar cut this time too.
The unchanged rate will hamper home buyer’s decision to go ahead with their purchases. We hope the central bank will at earliest slash both the Repo and CRR rates in the same succession as it went on increasing and derailing the entire growth of the economy, said Mr. Vimal Shah, President, MCHI-CREDAI expressing his disappointment on today’s RBI policy announcement.