Director, Aparna Constructions, For 99acres
In the wake of the market’s slowdown amidst the Coronavirus Pandemic, many homebuyers have been struggling with repaying loans. To address this challenge, the Government has released new policies that include a 3-month moratorium on the home buyers and cutting down of Repo Rates. Our Director, Mr. Rakesh Reddy discusses with 99 acres how this can help the sector deal with the economic slowdown. Here are a few takeaways:
- Relief from Financial Burdens: With the slowdown of the market many working professionals are facing financial challenges with respect to purchasing properties and applying for loans, which is countered by the new policy of postponing interest on working capital for three months.
- Developers to focus on High Priority Operation: As the construction of new projects and the overall demand is put on a halt due to the lockdown, this gives room for developers to focus on high priority operations.
- Cutting the Repo Rate to help Economic Growth: The Government has taken the initiative to cut down the Repo Rate by 75 points basis and the reverse Repo Rate by 90 points basis. This can benefit the development sectors, hence boosting economic growth.
To read in detail about what Mr. Rakesh Reddy has observed, click on this link for the full article:
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