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'Repo Rate cut to Provide Growth Stimulus; Housing Demand to Soar' - Ramesh Nair, CEO and Country Head, JLL India

twitter-logoPTI | April 4, 2019 | Updated 15:43 IST

(Eds: Disclaimer: The following press release comes to you under an arrangement with PR Newswire. PTI takes no editorial responsibility for the same.) MUMBAI, April 4, 2019/PRNewswire/ -- "Monetary Policy Committee (MPC) has reinforced its intent to provide growth stimulus by the second consecutive reduction in repo rate by 25 basis points (bps). This will provide the much need stimulus to the economy that has witnessed some moderation in the pace of growth. It will also boost investments which have off late shown green shoots of recovery. The uncertainty on crude oil price movement, likely effect of El Nino and slowdown in global growth have prompted MPC to take a more cautious stance. (Logo: Today's rate cut of 25 bps is a continued series of stimulus that is propelling the real estate sector on a new growth trajectory in 2019. The Union Budget incentives for affordable housing and the recent reduction in Goods and Service Tax rates along with a reduction in repo rates to 6% will boost demand for housing. The various fiscal concessions announced before, coupled with lower interest rates is the best time for a homebuyer to book their dream home. JLL's recent affordability study 'JLL Home Purchase Affordability Index' indicates that reducing trend of mortgage rates, steady income growth and stable residential prices have led to a significant improvement in affordability in the last five years," said Mr. Ramesh Nair. About JLL India JLL is India's premier and largest professional services firm specialising in real estate. With an estimated revenue for FY 2018-19 expected to be approx. INR 4,000 crore, the firm is growing from strength to strength in India for the past two decades. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi and Coimbatore) and over 130 tier II and III markets with a cumulative strength of close to 11,000 professionals. The firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services. This includes leasing, capital markets, research & advisory, transaction management, project development, facility management and property & asset management. These services cover various asset classes such as commercial, residential, industrial, retail, warehouse and logistics, hospitality, healthcare, senior living and education. JLL India won the Five Star Award for 'Best Property Consultancy' at the International Property Awards Asia Pacific 2018-19. The firm was also recognised amongst the 'Top 100 Best Places to Work in India' in 2017 and 2018 in the annual survey conducted by Great Place to Work® and The Economic Times. It has also been acknowledged as 'Property Consultant of the Decade' at the 10th CNBC-Awaaz Real Estate Awards 2015. For further information, please visit PWR PWR

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