RBI Policy_Quotes by Mr. Manoj Gaur, President, CREDAI NCR, Mr. Pradeep Jain, Chairman, Parsvnath Developers and Mr. Aman Agarwal, Director, KV Developers

RBI kept the repo rate under the liquidity adjustment facility (LAF) unchanged at 7.25 per cent today in the third bi-monthly policy announcement.

On aforesaid development, Please find appended quotes from Mr. Manoj Gaur, President, CREDAI NCR, Mr. Pradeep Jain, Chairman, Parsvnath Developers and Mr. Aman Agarwal, Director, KV Developers for your kind consideration. Also, attached herewith photographs of the spokespersons for your perusal.

Mr Manoj Gaur, President, CREDAI NCR, says on RBI policy

“Since the RBI has kept the status quo on policy front. This policy is on the expected line from the Apex Bank. In recent months, financial markets have experienced high turbulence due to the Greek crisis, the Chinese stock market slump. Considering hazy picture on Retail inflation, or consumer price index (CPI), too has inched up to 5.4% over the past month. Given the awaken sentiments in the market, but, RBI could have further pulled the wave by easing key rates a bit.

However, Real estate sector has been facing high input costs, high cost of funds and a moderate demand over the last few months. We hope that the RBI will now look for a consistent decrease in repo rates in the near future. This will have a positive impact on the growth of real estate industry which will give a boost to the GDP growth. We believe Union Government would come out with pleasant surprises for real estate sector with easing liquidity and award it an infrastructure status along with formation of the Regulatory Bill for the sector.”

Mr. Pradeep Jain, Chairman, Parsvnath Developers says on RBI policy

“On the backdrop of high consumer price inflation, it was expected that the RBI would keep the rates unchanged. However, going forward as the consumer price inflation eases/lowers, the RBI should cut rates in its monetary policy in order to revive the sentiment of the real estate sector and to prop up growth in the economy.

We also expect and hope that the central bank will soon announce more reformatory measures for the sector that is one of the largest GDP contributory.”

Mr. Aman Agarwal, Director, KV Developers says on RBI Policy

“The decision to keep the policy rate unchanged would be favourable for the market conditions. The fact that the repo rates have remained unchanged is inherently positive. The global market has witnessed financial turmoil due to the Greek crisis, the Chinese stock market slump which affected the Indian economy little bit.

We know for the apex bank, the priority is to tame inflation but it should not hamper growth. For real estate sector in particular, conditions are already adverse as sector is facing huge inventory, high input cost and high cost of funds. Any cut in key rates today would have boosted the sentiments and could have impacted demand. We believe RBI would consider our concerns as well and would cut rates significantly in near future”