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Banks raise lending rates: Here’s what realty experts have to say

Published

2 years ago

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Close on the heels of the Reserve Bank of Indias (RBI) recent hike in repo rate by 40 basis points, besides giving indications it would raise further in the upcoming monetary policy review meets, several Indian lenders too have raised their lending rates.

On Wednesday, lending major HDFC and PNB Bank raised their lending rates by 5 basis points and 15 basis points, respectively.

The upward revision in rates will essentially lead to an increase in EMIs for borrowers.

Recently, the State Bank of India (SBI) and Bank of Baroda also hiked their lending rates across various tenures, as per reports.

At the same time, the government also waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry. Steel is a key input for the real estate industry.

Here’s what some of the developers and domain experts have to say on the impact of rate hike on the realty sector and its demand:

Vivek Rathi, Director, Research at Knight Frank India

An increase in home loan interest rate by 1 per cent reduces house purchase affordability by 7.4 per cent. We are on a landscape of rising interest rates and increasing property prices, which will put pressure on affordability if they move beyond income growth.

At the current juncture, strong income growth is supportive of homebuyer affordability. Hence, a comfortable affordability level coupled with the renewed enthusiasm for home ownership shall help maintain the strong housing sales momentum in the near term.

Dharmesh Shah, CEO of Hero Realty

The retail buyers in the home segment have seen an incredible increase post-pandemic. Despite an increased interest rate the market is expected to be buoyant but this increase has come at the wrong time.

The home buyer segment needs a pat on the back and not an increase in the interest rates. However, this also considerably marks a sense of stability as the end of low-interest rates will bring the serious buyers back in focus.

Sanjay Sharma, Director, SKA GROUP

At a time when the real estate sector had just begun to pick up, the increase in home loan interest rates, even though negligible, would act as a psychological barrier for the buyers. Coupled with the increase in input costs that to an extent had forced the developers to increase in prices, it would act as a dampener to the buyer’s spirit, especially the ones looking for homes in the affordable segment.

Nayan Raheja, Raheja Developers

The increase in interest rates by banks could not have come at a worse time. With buyers shaking off the negative spirits of the pandemic and seeking to benefit from the historic low costs of the dwelling units as well as historic low home loan interest rates, the move by the banks would definitely have an impact on buyers’ sentiments. Further, it will affect the real estate sector that had begun to pick up pace after a gap of two to three years and which among others is one of the largest generators of employment. Most of all it will also signal that the days of low home loan interest rates are over.

Sachin Gawri, CEO and Founder Rise Infraventures Limited

The news of interest rate hikes by the banks especially after RBI had raised the base rates were a foregone conclusion. However, I wish that the banks had waited for a few more months for this series of hikes. At least it could have waited for the real estate sector to pass on the benefits of the reduction in fuel prices and the decrease in the price of iron (through hike in export duty) to the customers. The move will also affect the development of the commercial and retail segments.

Deepak Kapoor, Director of Gulshan Homz

The current hike in home loan interest rates by banks will surely convey to home buyers that interest rates are only going to go northwards. Contrary to the popular perception that any such increase only affects the affordable housing segment, the move, according to me, will also leave a big impact in the big-ticket luxury segment that involves high volumes of money, hence higher EMIs and higher interest amount. Besides, since one of the banks had increased its RPLR three times in one month, the move will also add to the uncertainty regarding the quantum of hikes in the future.

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New TVS Apache RR 310 Hits Indian Market at Rs 2.75 Lakh: All You Need to Know

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1 week ago

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September 17, 2024

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TVS has introduced the 2024 edition of its flagship Apache RR 310 in India, starting at Rs 2.75 lakh (ex-showroom). The updated model brings several enhancements, including segment-first aerodynamic winglets integrated into the side fairing, aimed at improving stability and performance.

The latest version of the TVS Apache RR 310 comes with a starting price of Rs 2.75 lakh (ex-showroom) for the Racing Red model. However, this variant does not include the bi-directional quick-shifter. For those looking to add this feature, it will cost approximately Rs 17,000 extra. The 2024 lineup also introduces a new Bomber Grey color option, priced at Rs 2.97 lakh (ex-showroom), offering a stylish and performance-focused upgrade.

The 2024 TVS Apache RR 310 retains its 312cc single-cylinder, liquid-cooled engine with a 6-speed gearbox, but now offers improved performance. The updated model produces 37 bhp at 9,800 rpm and 29 Nm of torque at 7,900 rpm. TVS also claims that it accelerates faster than before, shaving 0.43 seconds off its 0-100 km/h time, making it a more exciting choice for riders looking for speed and agility.

The 2024 TVS Apache RR 310 keeps its familiar trellis frame, supported by upside-down front forks and a rear monoshock for improved handling. Braking is handled by disc brakes. It also comes with a 5-inch TFT display that offers Bluetooth connectivity and navigation.

The updated electronics package includes new features like tyre pressure monitoring, cornering ABS, traction control, and cruise control. While the overall design remains similar, it gets refreshed decals and is available in three colours: Bomber Grey, Racing Red, and Race Replica.

TVS has introduced two performance kits for the new Apache RR 310: the Dynamic kit, priced at Rs 18,000, and the Dynamic Pro kit at Rs 16,000. The Dynamic kit enhances the bike’s handling with fully adjustable suspension, a tyre pressure monitoring system, and a brass-coated drive chain. The Dynamic Pro kit, meanwhile, focuses on safety and stability, offering race-tuned dynamic stability control for better on-road performance. These upgrades allow riders to customize their experience for both performance and safety.

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Business

Jio network down: users are facing problems

Published

1 week ago

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September 17, 2024

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Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.

The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.

Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.

Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.

There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.

Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.

Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.

More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.

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Business

‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone

Published

2 weeks ago

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September 10, 2024

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Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.

Trip To Vietnam For Apple

Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.

Now, with the latest launch, and X user has found a way to cut corners by taking a trip.

According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.

However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.

Savings Only iPhone 16 Pro

The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”

In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.

In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.

According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.

As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.

This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.

The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.

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