Anuj Puri, Chairman – ANAROCK Group:
With the fundamentals of the Indian economy remaining strong and the recently announced GDP rates indicating positive outlook, the RBI once again decided to keep the repo rates unchanged. This is an extension of the festive bonanza that RBI gave to the homebuyers in its last policy announcement. It gives homebuyers yet another opportunity to make cost-optimized home purchases.
If we consider the present trends, the housing market is on a bull run and unchanged home loan rates will only add to the overall positive consumer sentiments. Additionally, given that housing prices have escalated across the top 7 cities in the last one year, at least the unchanged home loan rates will give some relief to the homebuyers.
As per ANAROCK Research, avg. housing prices have increased anywhere between 8-18% across the top 7 cities in the last one year with Hyderabad recording the highest 18% jump. The current avg. prices in the top 7 cities stand at approx. INR 6,800 per sq. ft. while in 2022 it stood at nearly INR 6,105 per sq. ft., thus increasing by 11% collectively in the top 7 cities.
Going forward, we may expect the momentum in housing sales to continue in the wake of the unchanged repo rates coupled with the resultant stable home loan rates and positive economic outlook on India.