Big cheer for the real estate industry: Nifty Realty surges on RBI’s rate hike pause

All major banks in India have linked their housing loans with the repo rate, allowing faster transmission of policy rates. But despite EMIs going up, India’s real estate sector has managed to maintain its growth rate.

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After six back-to-back repo rate hikes, RBI has pressed the pause button and this has come as a big positive for the real estate industry. Nifty Realty surged over 2 percent after RBI Governor’s announcement to hold the repo rate at 6.5 percent.

“The sector has weathered multiple home loan interest rate increases from a low of 6.5 percent to 8.75 percent. Therefore, a pause in any further rise in the lending rates should support the existing growth momentum in the housing sector,” Shishir Baijal, Chairman & Managing Director, Knight Frank India said.

At 11:30 am, shares of Puravankara, DB Realty, Godrej Properties, Oberoi Realty and DLF were trading 2-6 percent higher.

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All major banks in India have linked their housing loans with the repo rate, allowing faster transmission of policy rates. But despite EMIs going up, India’s real estate sector has managed to maintain its growth rate.

In the first quarter of 2023, residential markets registered robust sales growth of 20 percent year-on-year while also hitting a 15-year high.

That said, affordability was slowly coming under stress. “Home loan EMIs have risen by 15-17 percent from April 2022 and home prices have also increased during the same period by 4-12 percent. Thus, the current status quo in policy rate will provide some respite,” Dr. Samantak Das, Chief Economist and Head – Research and REIS, India, JLL said.

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