Comments of Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited on RBI Monetary Policy

The Reserve Bank of India in its fourth Bi-monthly monetary policy, cut the benchmark repo rate by 50 basis points, lowered the inflation forecast for January 2016 to 5.8% from 6% earlier, consequently adjusted the reverse repo rate under the liquidity adjustment facility (LAF) to 5.75% and kept the cash reserve ratio unchanged.

Further to the repo rate cut by RBI, State bank of India immediately announced cut in the base rate by 40 basis points to 9.3%, making it lowest in the country and other banks are also expected to cut their base rates. With this move the EMI’s on home loans would come down, the liquidity position of the buyers would improve and it will positively impact the overall sentiment of the real estate sector.

Commenting on the Monetary Policy, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited said, “The lowering of the benchmark repo rate by 50 basis points to a four year low from 7.25% to 6.75% by RBI will stimulate domestic economic recovery process. We are very happy to note that SBI has immediately cut the base rates. This indeed will encourage home buyers to plan for their dream house. The other banks also need to follow the same and pass on the benefit to India Inc. and the home buyers by lowering the mortgage rates thereby making home loans cheaper for the borrowers.”

Overview of Parsvnath Developers Limited:-

Parsvnath Developers Limited (PDL), one of India's leading real estate and infrastructure development companies, having a rich experience of more than 25 years has Pan India presence spread across 42 cities and 15 states. The Company's diversified business portfolio comprises of Residential, Commercial (Office and Retail), DMRC projects, Hotels, SEZs, IT Parks and Third Party Construction.

PDL has to its credit several architectural marvels where it has successfully transformed simple barren tracts of land into beautiful spaces, both residential and commercial. It is the first real estate company in India to have integrated the ISO 9001, 14001 and OHSAS 18001 Certification processes.

The Company has till date completed 55 projects, measuring 24.75 mn. sq. ft of developed area. Currently, 48 projects are under construction which on completion will deliver 69.76 mn. sq. ft. of developed area. The Company has a large land bank that stands at 143.05 mn. sq. ft.

More information about the company is available on www.parsvnath.com