Tag: Mohit Goel

Business

The RBI has once again opted to keep the repo rate unchanged

Feb 8, 2024 by Sujata Muguda 0 Comments #Ajendra Singh, #Ambience Group, #Amit Modi, #Ankush Kaul, #Ansal Housing, #Ashwinder R. Singh, #Axiom Landbase, #Bhartiya Urban, #CMD Gaurs Group, #County Group, #CREDAI NCR, #kushagr ansal, #Manoj Gaur, #Mohit Goel, #MRG Group, #Nayan Raheja, #Omaxe Group, #Pawan Sharma, #Pradeep Aggarwal, #Raheja Developers, #Rajesh K Saraf, #Rajjath Goel, #Sanchit Bhutani, #Sanjay Sharma, #Saya Group, #Signature Global (India) Ltd, #SKA Group, #Spectrum Metro, #Trisol Red, #Vikas Bhasin

The outcomes of the Reserve Bank of India’s (RBI) meeting have been announced by Governor Shaktikanta Das, confirming that there have been no changes to the repo rate, which remains steady at 6.5 percent. As a result, there will be no increase in loan EMIs. The real estate sector has welcomed this decision favorably.

Manoj Gaur, President CREDAI NCR and CMD Gaurs Group

Excellent decision by RBI. For the last one year, RBI has kept the repo rate unchanged at 6.5%. The real estate sector continues to exhibit a steady demand, the commercial segment is doing exceptionally well, and the country’s economy is growing from strength to strength. The residential segment will maintain the trajectory it took last year. I am sure that the sector will continue to show buoyancy as in the past quarters across the country.

Amit Modi, Director County Group

Once again, RBI has not made any changes in the repo rate, which is undeniably beneficial for the real estate sector. This will particularly uplift the morale of home buyers and investors. It clearly indicates that the country’s economy is consistently performing well.

Mohit Goel, Managing Director Omaxe Group

The RBI’s decision to maintain the repo rate at 6.5% aligns with its consistent approach and is welcomed. With a robust economy, high GDP growth, buoyant Sensex, stable crude oil prices, and easing inflation, the real estate sector is poised to sustain its strong performance in 2024. RBI’s decision aligns well with the country’s economic performance and signals stability, crucial for the ongoing realty sector’s robust growth.

Ashwinder R. Singh, Co-Chairman, CII, NR Committee for Real Estate, CEO Residential at Bhartiya Urban

With policy rates unchanged @6.50% and the RBI MPC’s commitment towards stable lending rates bodes well for India’s real estate sector, particularly in terms of home sales and home loans. With steady rates, prospective homebuyers can approach the market with confidence, driving increased demand for residential properties and facilitating easier access to home financing. This positive environment fosters growth and opportunity within the housing market, benefitting both buyers and developers alike.”

Nayan Raheja, Raheja Developers

The realty sector welcomes the RBI’s decision to hold the repo rate. This move will foster stability and bolster confidence among stakeholders, including home buyers and investors. However, the repo rate at 6.5% remains at a 4-year high, and a rollback would have boosted the affordable housing segment.

Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd

As expected, the RBI kept rates on hold. The prolonged pause, for the sixth time, since February 2023, is aimed at keeping inflation in check without hurting the economic growth momentum. With the reduction in policy rates would have been the best scenario for interest-sensitive sectors like the real estate sector, policy continuity is the next best outcome for both borrowers and developers alike. The decision allows homebuyers to make informed choices, which is expected to result in enhanced demand across all housing segments in line with the country’s overall economic progress.

Kushagr Ansal, Director Ansal Housing

The RBI’s decision to uphold the current repo rate is greeted with approval. While the real estate sector hoped for a slight reduction, this decision underscores stability. It is poised to enhance confidence among developers and homebuyers, providing clearer long-term financial commitments and EMIs.

Rajjath Goel, Managing Director of MRG Group, comments on

The RBI’s decision to sustain the repo rate at 6.5% for one more consecutive time, anticipating a positive surge in the housing market. Despite the rising housing costs, the unchanged home loan rates offer a semblance of relief to homebuyers. Consequently, both buyers and developers stand to benefit from stable interest rates, fostering increased consumer confidence and investment in the sector. The RBI’s decision is expected to bolster new launches and the expansion of projects in emerging hotspots.

Ankush Kaul, chief business officer – Ambience Group

“A commendable decision by RBI. It has been one year since the RBI decided to hit the pause button and keep the repo rate at 6.5%. It is expected to stimulate growth and boost the realty sector, providing a fillip to the premium housing and commercial segments. This decision presents the picture of the country’s resilient economy.

Sanchit Bhutani, MD of Group 108

This move is seen as a positive development, anticipated to stimulate growth in the real estate sector. The decision is expected to provide relief to the middle-income group, as they won’t have to bear the burden of higher interest rates on home loans. Additionally, there is a prediction that both commercial and residential property sales will experience an upswing. The Reserve Bank of India’s choice to maintain the repo rate reflects growing confidence in the sector.”

Rajesh K Saraf, Axiom Landbase, Managing Director, Axiom Landbase

The RBI’s decision to maintain the repo rate at 6.5% brings positive implications for the Indian housing and home loan sector. With interest rates remaining steady, prospective homebuyers can benefit from a favorable lending environment. This consistent stance instills confidence in the market’s reliability.

Pawan Sharma, Managing Director Trisol Red, comments that

The decision not to increase the repo rate is once again good news for the real estate sector. The fact that the repo rate has not increased in the past year has proven beneficial for the real estate sector in every aspect. This is undoubtedly excellent relief news for both home buyers and investors. Indeed, this will further benefit the market.

Sanjay Sharma, the Director of SKA Group

He emphasized that any hike in interest rates could adversely affect the real estate sector. The decision not to increase interest rates is expected to boost investor confidence and contribute to a rise in demand for residential properties.

Vikas Bhasin, Chairman & Managing Director, Saya Group

The RBI’s decision to keep the repo rate steady provides optimism to the real estate sector. This move underscores both macro and microeconomic stability, fueling year-end housing sales and bolstering the sector’s growth trajectory for 2024. It showcases the resilience of the country’s economy, poised to spur growth, particularly in premium housing and commercial segments.

Ajendra Singh, Vice-President (Sales & Marketing) Spectrum Metro

Not making changes in the repo rate signifies that the Indian Economy is strong. Compared to the Global Economy, India’s economic situation is better. The steps taken by the RBI are beneficial for the commercial and residential real estate sector in every aspect. We hope that this entire year will prove to be suitable for investors.

Business World, News

Omaxe Chandni Chowk to be pollution-free…

Feb 23, 2021 by Rekha Nair 0 Comments #Anurag Anand, #CEO, #General Manager & Business Leader, #Honeywell BMS India, #Mohit Goel, #Omaxe Ltd.

New Delhi: In view of the alarming air quality in Delhi recording an average AQI (Air Quality Index) of 250, Omaxe Chowk – a multi-level parking cum commercial project in Chandni Chowk – will endeavour to maintain AQI level below 50, which is considered in Good range.

To achieve the same, Omaxe has signed a MOU with Honeywell Automation India Limited (HAIL) for supply and installation of air purification systems at Omaxe Chowk thereby becoming the first Mall in Delhi-NCR to have a centralised air filtration system.

The MOU was signed between Omaxe Heritage Pvt. Ltd. (100% subsidiary of Omaxe Ltd.) and Honeywell Automation India Limited. HAIL is a leader in providing integrated automation and software solutions with a pan India presence.

Honeywell Electronic Air Cleaners (EAC) are MERV grade and work very effectively in combating PM 2.5 levels. The air filtration along with UVGI solution will help Omaxe Chowk adhere to ASHRAE guidelines against COVID -19.

These EACs come with high safety standards, consume less power and are environment friendly thereby making the building more sustainable with low carbon footprints. The air filtration will be an integral part of the central air conditioning system of the building.

Commenting on the development, Mohit Goel, CEO, Omaxe Ltd. said, “We are tying up with the best in the industry to provide quality services and amenities to businesses and shoppers in Omaxe Chowk. In this day and age, air purification systems in malls and public spaces have assumed importance and Honeywell offers a perfect fit for an enhanced experience in Omaxe Chowk.”

Besides a slew of amenities like multi-level parking, washrooms, lifts and escalators, CCTV surveillance and fire fighting system among others, the installation of air purification systems will help in combating air pollution and give shoppers and businesses a new-age shopping experience in Omaxe Chowk. This will help bring more shoppers and businesses to Chandni Chowk – Asia’s largest wholesale and retail hub.

Anurag Anand, General Manager & Business Leader, Honeywell BMS India said: “We are delighted to be associated with Omaxe Chowk, an iconic commercial development in Chandni Chowk. Our partnership with Omaxe is a testament to our expertise in providing cutting-edge solutions in air purification which will further enhance the customer experience at Omaxe Chowk.

It may be recalled that the company has entered into multiple agreements with companies like Jindal Steel and Power Ltd (JSPL) for supply of composite steel frame structure, Pidilite Industries for supply of waterproofing material, JSW for supply of deck sheeting material and leading construction equipment manufacturer ACE for supply of heavy machinery like crane etc. on lease for construction activities.

Omaxe is developing a multi-level parking cum commercial project Omaxe Chowk in Chandni Chowk in PPP with North Delhi Municipal Corporation. As part of the Chandni Chow redevelopment project, the multi-level parking will accommodate 2100+ cars and 81 tourist buses in 5 levels of parking (3 underground and 2 overground). It will also have a retail and food court space on Ground, First and Second floor.

News

Mid-segment ruled 2020, will continue the run in 2021

Jan 4, 2021 by Rekha Nair 0 Comments #Ajnara India, #Ashok Gupta, #CEO, #CMD, #Director (Branding and construction), #GBP Group, #Mohit Goel, #Omaxe Ltd., #Raman Gupta, #says, #TDI Infratech Ltd, #Vice President of Sales & Leasing (commercial), #Vimal Monga

Unlike expectations, 2020 turned out to be a fair year for the real estate sector as it negated the highly detrimental predictions. In the end, the year witnessed a sale of around Rs 90,000 crore in the first three quarters in seven major cities as against around Rs 1,50,000 crore in the same period in 2019. The maximum sale was achieved in the mid-segment as the price range below Rs 70 lakh was in maximum demand during the year. The ease-out in home loan interest rates triggered the much-needed revival, which is expected to improve further in the coming year.

Though the year saw a decline in sales by almost 40-45% compared to the previous year, it has to be seen in light of the economic crisis arising from the global pandemic. Mohit Goel, CEO, Omaxe Ltd., says, “The overhang of subdued demand from last quarter of 2019 continued into 2020, and with the COVID-19 pandemic induced lockdown in March, the sector went from bad to worse. The migration of labours and disruption in the supply of raw materials saw a stoppage in construction activities. On the back of government stimulus and RBI’s liquidity measures, there was some uptick in demand post the partial opening of the economy.”

Nevertheless, the positives that have emerged from the COVID-19 crisis will form the cornerstone of the coming decades of growth in the real estate sector and overall Indian economy, Goel adds. Talking about the year ahead, he says, “The increased investment in infrastructure development by governments and businesses in developing tier 2/3 cities as centres of economic activity along with increased consumer spending and activity will write the story of growth, employment and opportunities in the coming decades in India.”

Majorly driven by the mid-segment, major cities’ housing sales value saw a significant jump over pre-COVID-19 levels. Chennai saw almost 3.5 times jump in Q3 2020, NCR recording a jump of more than 150%, Hyderabad went up by 152%, MMR witnessed an increase of 145% over the previous quarter, Pune saw 125% increase, Kolkata witnessed 121% jump, and Bangalore saw an increase of 81%. Throwing light on 2020, Ankit Kansal, Co-Founder & MD, 360 Realtors, says, “As the Black Swain event spread like wildfire, markets started staggering, with a drastic slowdown in sales. The industry showed some limited manoeuvring with embracing the digital medium. The repo rate cuts and liquidity infusion by the government were also helpful as it reduced home loan rates. The developer fraternity also introduced attractive payment plans to arrest any steep decline in sentiments. Once the lockdown was suspended, markets started reviving, despite a slowdown in business activities weighing on the overall economy. Finally, in the last quarter, the previous year’s growth numbers were restored, and the industry reached near normalcy. The euphoria that started with the festive season should lead up to year-end, clocking a 75-85% quarterly growth in sales.”

Though starting with challenging times, 2020 is ending with many positives for the real estate sector. This is the year when home loan interest rates got reduced to a 15-year low, and steps were announced to help stuck projects and liquidity issues, says Vimal Monga, Vice President of Sales & Leasing (commercial), TDI Infratech Ltd, adding that “The year also witnessed the movement of people towards tier II and III cities, thereby increasing the scope of real estate far and wide. The coming year will see an increasing demand owing to the people’s likeness for gated communities post-COVID-19. In 2021, we will also see interest in well-planned commercial developments as the requirement of malls and office spaces will go up.”

Saying that the reverse migration among the working professionals from metros and NRI’s lead to increase in demand of property in Tier II and tier III cities, Raman Gupta, Director (Branding and construction), GBP Group, adds, “When it comes to analyzing the northern region, Tricity and its peripheries witnessed an upsurge laying the foundation for a market that is going to grow exponentially from here. The year 2021 promises favourable returns, as people’s lifestyle will change drastically after overcoming the pandemic effects. Residential spaces that promise holistic living, unique amenities, an ideal location would become the epitome of an ideal home. We will be witnessing a wave of tech-based innovations, apart from the construction technologies which will be evolving the traditional sector of real estate further.”

Drawing conclusion from the renewed interest of buyers in 2020, Ashok Gupta, CMD, Ajnara India, says, “The buyers in NCR are likely to see more number of housing units hitting the market in 2021. Around 6 lakh units were launched in the region from 2013 to 2020, and only 30 per cent have been completed till now. With the focus of developers in NCR on project delivery, many mid-segment units will be up for grab. The market in 2021 definitely looks promising as the measures taken by the Government to boost buyer sentiment will start showing result starting from Q1 2021.”