Reaction on RBI Repo Rate: Mr. Amit Modi, Director, ABA Corp and Vice President CREDAI Western UP

“This is the second time in last two months that the RBI hiked key policy rates. It’s an exponential increase from 6.25% to now another 25 bps at 6.5% bps. It is huge blow for real estate sector which is yet to recover from the impacts demonetization and the implementation of GST even after a whole year. The move will end up hitting the Indian middle class and first time genuine home buyers across the nation, due to an increase in the EMI for the home loan, and in the process also hampering the Prime Ministers vision for Housing for All.We hope that banks are not in hurry to implement these changes at least on the home loans, since while the auto sales have been steadily growing, the housing sector is still very in the stage of recovery.”