Seven realty stocks fell by 0.25% to 2.47% at 11:15 IST on BSE after the Reserve Bank of India after its policy review meeting today, 3 February 2015, kept policy rates unchanged.
Meanwhile, the BSE Sensex was up 72.46 points, or 0.25%, to 29,194.73.
Among realty stocks, Sobha (down 0.25%), DLF (down 0.23%), Unitech (down 2.07%), Housing Development & Infrastructure (HDIL) (down 1.45%), Anant Raj (down 2.47%), Parsvnath Developers (down 2.45%), and Prestige Estates (down 0.62%), edged lower. D B Realty (up 1.45%), Godrej Properties (up 1.6%), and Oberoi Realty (up 0.5%) gained.
Purchases of both residential and commercial property are largely driven by finance.
On the basis of an assessment of the current and evolving macroeconomic situation, the Reserve Bank of India (RBI) after its sixth bi-monthly monetary policy review today, 3 February 2015, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.75%. The cash reserve ratio (CRR) of scheduled banks also kept unchanged at 4% of net demand and time liabilities (NDTL). It has also decided to reduce the statutory liquidity ratio (SLR) of scheduled commercial banks by 50 basis points from 22% to 21.5% of their NDTL with effect from the fortnight beginning 7 February 2015. The RBI has also decided to replace the export credit refinance (ECR) facility with the provision of system level liquidity with effect from 7 February 2015.
The Reserve Bank indicated that key to further easing are data that confirm continuing disinflationary pressures. Also critical would be sustained high quality fiscal consolidation. Given that there have been no substantial new developments on the disinflationary process or on the fiscal outlook since 15 January 2015, it is appropriate for the Reserve Bank to await them and maintain the current interest rate stance, RBI said.
The RBI had made surprise announcement of a cut in its main lending rate viz. the repo rate by 25 basis points in an unscheduled review on 15 January 2015.
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