The realty industry has welcomed RBI's decision to cut repo rate by 0.25 per cent, saying the move will help the sector to tide over the liquidity crisis, said the media report.
"The reduction in repo rate by 0.25 per cent is an excellent move as this should help the industry and business in general to tackle liquidity crisis.
In fact, there is further scope to ease the credit policy," Confederation of Real Estate Developers' Association of India (Credai) Chairman Lalit Kumar Jain said.
The Reserve bank of India reduced the repo rate by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect.
"Given that the recently-presented Union Budget did not have any major announcements aimed at directly boosting home buying to lift the listless real estate sector, there were higher expectations from the RBI by the stakeholders.
Housing developers have been anxiously hoping for interest rate cuts to spur home buyers into making purchase decisions," Cushman & Wakefield Executive Managing Director, South Asia Sanjay Dutt said.