The real estate industry has received an urgent lift from the Reserve Bank of India’s decision for the ninth time to maintain the repo rate unchanged at 6.5%. At this time in global economic instability, the RBI has helped to create this conductive environment for home buyers and real estate developers by keeping interest rates stable.
According to Mr. Anurag Goel, Director of Goel Ganga Developments, “The trend towards long-term leasing and acquisition of property will be prompted under such stable rate environments, which will result in increased demand for office spaces.” In addition, he stated that the previously mentioned decision has positively influenced office spaces as well as warehousing sectors, where there was a decrease in vacancy levels, increasing studio apartment options by 15% YoY for rented offices located in capital cities, among others, while we have increased demand from warehousing by 47% for 2023.
The housing industry in India is expected to perform better in the coming years with steadily increasing mortgages rates, and improving confidence amongst businesses because the country is targeting a 7.2 percent growth in gross domestic product for fiscal year 2025.
Read More: Steady RBI stance bodes well for both prospective homebuyers & real estate: Developers
