The RBI's decision to cut key rates and give three-month moratorium on all term loans will boost liquidity and ease debt pressure, provided banks pass on these benefits to customers quickly, according to property developers and consultants.
The RBI cut repo rate to 4.4 per cent and reduced the cash reserve ratio maintained by the bank by 100 basis points. The reverse repo rate was cut by 90 bps to 4 per cent.
Commenting on the development, CREDAI Chairman Jaxay Shah said, "The economy is going through hard times. The decisions by RBI Governor today is a much awaited comprehensive package to ease the burden of all financial classes across the nation."