Business
Here are some reactions of realtors on RBI’s policy outcome on realty sector
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The Reserve Bank of India on Wednesday raised the key lending rate or repo rate by 50 basis points to 4.9 per cent to tame rising inflation, which has been now above the central bank’s 6 per cent tolerance level for four months in a row.
Repo rate is the rate at which the central bank lends short-term funds to banks.
In line with the rate hike by the RBI, some banks and non-banking finance companies too had raised their lending rates, which will essentially lead to an increase in EMIs for borrowers.
On Wednesday, RBI decided to increase the existing limits on individual housing loans by cooperative banks.
Accordingly, the limits for Tier I or Tier II urban cooperative banks shall stand revised from Rs 30 lakh or Rs 70 lakh to Rs 60 lakh or Rs 140 lakh, respectively, which essentially means doubling of the limit.
The increased limits will apply for Primary (Urban) Co-operative Banks (UCBs), and Rural Cooperative Banks (RCBs) — State Cooperative Banks and District Central Cooperative Banks.
For RCBs, the limits will increase from Rs 20 lakh to Rs 50 lakh for such banks with assessed net worth less than Rs 100 crore; and from Rs 30 lakh to Rs 75 lakh for other such RCBs.
Besides, considering the growing need for affordable housing and to realise their potential in providing credit facilities to the housing sector, the RBI decided to allow State Co-operative Banks (StCBs) and District Central Co-operative Banks to extend finance to Commercial Real Estate – Residential Housing (CRE-RH) within the existing aggregate housing finance limit of 5 per cent of their total assets.
Following are some of the reactions from real estate experts and developers on the RBI’s measures:
Rohan Pawar, CEO of Pinnacle Group said, during the pandemic, the low interest rate regime had boosted the housing demand, and RBI’s decision to hike the interest rate again by 50 basis points to 4.90 per cent was expected to tackle the tight inflation of the country.
“The increase of rates could adversely affect housing demand because of increased EMIs and lower eligibility on home loans. This will create an impact on the ongoing growth momentum in the sector in addition to increasing input costs. However, we still believe that preference of homebuyers for owning a home will continue to boost demand.”
Niranjan Hiranandani, Vice Chairman of NAREDCO said, taming steep inflation hike is a preordained measure by RBI, given the global economic ballgame. Soaring commodity prices especially with food and energy prices, plummeting currencies, supply side shocks are the foremost reasons for rising input cost.
“It is evident that home loan interest rate hike will impair the home buying rally as pay out in terms of EMI is scheduled to rise. But according to me this crater in demand sentiment is a makeshift move, as home loans are based on floating rate for a long tenure. The EMI constraint will be eased as rates are expected to normalise once the global situation is stabilised.”
The hike in the limit of individual loans by co-operative banks by 100 per cent is a welcome initiative for home buyers who opt for home loans from co-op banks.
Atul Goel, MD of Goel Ganga Group said, the RBI’s step to increase the repo rate has been on the expected lines. To curb inflation, the regulatory bodies in India were required to control liquidity circulation in the economy. For a few months, the inflation rate has been above 6 per cent, which is beyond the RBI’s safe zone.
“If not controlled, the inflationary pressure could destabilise an otherwise bullish Indian economy. Although the recent step will increase the home loan rates, an unstable economy is not conducive to the overall health of the real estate industry. For the industry to operate optimally, it is important that the economy continues to grow in a stable, inclusive, and steady fashion.”
Suren Goyal, Partner at RPS Group said, the group welcomes the step of the apex body to increase the overall repo rates and believes it will help in clamping down inflation and smoothen economic growth.
“A rise in inflation can soften the stance on an otherwise robust real estate industry. Already raw material prices are increasing and an unbridled rate of inflation will further drive the input costs northwards, therefore resulting in cost overruns for the developer fraternity.”
Manoj Gaur, CMD of Gaurs Group and President- CREDAI NCR said it has been a fine balancing act by RBI.
“We understand that the hike in repo rate by 50 basis points will impact interest rates of consumer loans and make home loan dearer right at the time when real estate sector was coming out of the throes of pandemic and affect sales in the short term. However, by reining in inflation it will ultimately benefit the real estate sector that is bogged down by high input costs.”
Amit Modi, President of CREDAI Western UP opined that the increase in the repo rate will hamper the sentiments of the buyers, especially first time home buyers who are heavily reliant on home loans.
“It will be a barrier to the growth trajectory of the revived sales post-Covid. Millions of homebuyers will be sidelined and alienated from the property markets after the hike. It will slow down the pace of sales that has taken a rise in the recent past.”
Pradeep Aggarwal, Chairman of Signature Global (India) said the repo rate hike could be termed as a reformative move, the stated aim was clear in current macro and micro economic conditions.
“There was no other option left but to rein in inflation through monetary control measures. This might slightly influence real estate, but it will not impact consumer confidence or demand. Simultaneously, increasing the 100 per cent limit of individual loans by apex bank for co-operative banks, would surely spread a positive communication among each stakeholder.”
Sanjay Sharma, Director of SKA Group said the repo rate hike comes at the time when there was a renewed buyer interest in every segments of the real estate
“This move will definitely have an impact on buyers’ sentiments but at the same time let’s wish that the step brings the expected relief and benefits the sector that is also reeling from high input costs on account of various factors including inflation.”
Dharmesh Shah, CEO of Hero Homes said that there will also be a certain increase in home loan rates that will backtrack home buyers’ aspirations to invest in property markets and impact residential sales for a short period of time.
Prateek Mittal, Executive Director at Sushma Group said the latest move will definitely help the country as well as benefit the real estate sector that is already battling high input costs on account of various external factors and the consequent increase in fuel cost.
“Though this increase will also impact the buying power of consumers, we feel the impact will be taken in stride.”
According to Sharad Mittal, Director and CEO of Motilal Oswal Real Estate Funds: “Now with mortgage loan rates set to go up, we may notice a slight demand blip in the short term but overall outlook on the sector remains strongly bullish in the long term.”
“In an interesting move, RBI has now allowed rural co-operative banks to lend towards residential housing projects. This will help improve much-needed liquidity in the sector.”
Business
Mumbai: MahaRERA To Launch New ‘MahaCRITI’ Website On September 1, Existing Portal Offline For Migration On August 30-31
![Mumbai: MahaRERA To Launch New 'MahaCRITI' Website On September 1, Existing Portal Offline For Migration On August 30-31](https://mumbaipress.com/wp-content/uploads/2024/08/Untitled-1-64.jpg)
The Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) new website ‘MahaCRITI’ will be launched on September 1 at 00.00 hours. To enable the migration to the new portal, the existing MahaRERA’s website will go offline on August 30 and 31.
During this transition period, the back-end team will perform various technical tasks to provide better user experience.
MahaRERA will also conduct classroom and virtual training for all real estate stakeholders to facilitate familiarity, easy navigation and user friendliness of MahaCRITI.
The training, that commenced on Thursday, will continue on August 30 and September 1 at MahaRERA’s head office situated in Bandra-Kurla Complex. The housing regulator has announced training schedule on the website. Videos on the training demo shall also be made available on MahaRERA’s portal.
The stakeholders are encouraged to participate in these sessions for a hands-on experience with the new system.
The training’s second phase will be available for two weeks after the website goes live on September 1. The training module will also guide the complainants as well as lawyers on complaint registration and its further process.
Developers, promoters and their self-regulatory bodies will be guided on how to use the website effectively for routine tasks such as registration of new housing projects, corrections, extensions as per requirement, quarterly progress reports, annual progress reports and project completion Form 4.
Business
2025 Yamaha YZF-R15 Launches Globally with Exciting New Features and Color Choices
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Yamaha has launched an updated version of its YZF-R15 in Indonesia, enhancing its entry-level sports bike with new features and a fresh look. The updated model now offers smartphone connectivity, similar to the version available in India. It also introduces a striking-black color option, along with grey/silver/, grey/black, and blue. Despite these upgrades in features and appearance, the bike maintains its original mechanical design, ensuring reliability while appealing to new and existing riders.
The 2025 Yamaha YZF-R15 for the Indonesian market maintains its familiar 155cc single-cylinder engine with VVT, producing 18.1 bhp and 14.2 Nm of torque, and is paired with six-speed transmission. It features a monoshock rear suspension and inverted telescopic front forks, along with dual-channel ABS and disc brakes on both wheels. While it lacks the traction control found on the Indian model, it retains its Deltabox frame, an 11-liter fuel tank, and a total weight of 141 kg, all supported by 17-inch alloy wheels.
The 2025 Yamaha YZF-R15 comes equipped with a range of advanced features, including dual-channel ABS, traction control, a slipper clutch, and a quick shifter. It also features a fully digital instrument cluster that provides not only essential ride information but also ride tracking, onboard diagnostics, and periodic maintenance reminders, enhancing the overall riding experience.
India Yamaha Motor has marked a notable milestone in its manufacturing history with the success of the Yamaha Ray ZR 125 Fi-Hybrid in Europe. This scooter, produced in India, has gained considerable traction across several European nations. From January to July this year, approximately 13,400 units of the Ray ZR 125 Fi Hybrid were sold across 27 European countries.
Consumers have responded positively to the Yamaha Ray ZR 125 Fi Hybrid, appreciating its well-rounded design and features. The scooter has received a positive response across major European markets such as the UK, Spain, France, Italy, Germany, Turkey, Switzerland, Greece, and Portugal.
Business
Markets Continue To Trade In Red; Sensex & Nifty Decline Further
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The Indian markets opened flat on Monday, with Sensex at 79,571.37, down by 77.55 points or 0.10 per cent, and Nifty at 24,320.50, also down by 26.50 points or 0.11 per cent.
Nifty Bank in the morning session was trading low at 50,483.90, down by 94.05 points or 0.19 per cent.
From the Sensex pack, ICICI Bank, NTPC and Kotak Bank were among the major gainers in the morning session, whereas HDFC Bank, Asian Paints and Titans were among the laggards.
From the Nifty tranche, Apollo Hospital, ICICI Bank and Axis Bank were among the gainers, while Shriram Finance, BPCL and Tata Motors were among the losers.
The Indian rupee opened at 83.96 against the dollar.
Markets on Monday
The stock markets ended Friday on a lower note for both the BSE Sensex and the NSE Nifty.
On Monday, August 12, the BSE Sensex decreased by 25.46 points or 0.03 per cent, ending the day at 79,680.45. Similarly, the NSE Nifty dropped by 20.50 points or 0.08 per cent to close at 24,347.00.
Gainers and Losers
Gainers: On the BSE tranche, at the time of writing, major gainers included Axis Bank, JSW Steel and Infosys with gains of over 1 per cent. Voltas made mammoth gains of 10.40 per cent.
Losers: Amongst the losers, NTPC, Power Grid and Adani Ports made gains of over 1 per cent.
Energy and International Markets
U.S. West Texas Intermediate crude (WTI) decreased by 0.90 per cent to USD 79.34 a barrel at 09:08 IST. Brent crude prices also decreased by 0.92 per cent to USD 81.54 a barrel at 09:08 IST.
On Monday, both the S&P 500 and Nasdaq saw a collective jump in their numbers, meanwhile, Dow Jones Industrial Average also saw a drop its value.
The S&P 500 closed at 5,344.39, gaining 0.0043 per cent. The Dow Jones Industrial Average ended at 39,357.01, gaining 0.36 per cent.
Additionally, the Nasdaq Composite saw a rise of 0.21 per cent to reach 16,780.61.
The Asian indices started in Green, while Japan’s Nikkei 225 index gained 2.17 per cent to reach 35,785.55, at the opening of the day’s trade. Hong Kong’s Hang Seng index rose by 0.23 per cent to reach 17,150.75 points. South Korea’s KOSPI observed a drop in its numbers, as it decreased by 0.048 per cent to reach 2,617.05.
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