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Recently the RBI has reduced the repo rate to a 5 year low this brings good news for end-users who are looking to buy a property in Chennai real estate. It has been noticed that real estate Chennai has been facing a slump after the recent floods. The reduction in repo rate brings cheers to builders as well as buyers of Ambattur property or flats in Anna Nagar. End-users are now beginning to do a property search so that they can avail loan at lower rates. The news could not have been better timed as many end-users wanted to exploit the Chennai real estate market as the property rates have touched an all time low.
With lowering of repo rate the home loans are set to become cheaper. The reserve bank of India (RBI) governor Raghuram Rajan's has decided to cut rates by 25 basis points to 6.50%. This is the first rate cut of the year. The governor hinted that more rate cut might be in the pipeline. It is expected that the home loan rates will come down significantly. The repo rate was earlier 6.75% and now it stands at 6.5%. Another .25% cut might be announced in the next couple of months. This news has cheered all the stakeholders of real estate Chennai. Builders who were already facing problems due to machinery loss, manpower rate increase, loss of time and materials and increased cancelations have welcomed the move. They believe now buyers will be prompted to do a property search and look for most desired property that they can afford.
On the other hand buyers too are extensively doing a property search. Many people have zeroed down on Ambattur property or flats in Anna Nagar. Others have chosen the locality according to their budget or location preference. As home loans are now cheaper and more affordable more and more people are doing a through property search. Chennai real estate market had crashed a few months ago as many investors had exited the market. The end-users now want to make the most out of the situation. Builders of Ambattur property and flats in Anna Nagar have seen a huge increase in the number of enquiries. The builders are hoping that the sales volume will revive soon and they are hoping that the retail bank will soon lower their home loan rates. Overall, real estate Chennai is applauding the rate cut announced by the RBI.
Makaan.com is a well-known website that offers information on property search and Chennai real estate.
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