Claimed sources to www.propertykhazana.com says, HDFC Bank will have a possibility of increase in rates very shortly. HDFC’s Managing Director Renu Sud Karnad said that, “I think so the interest rates have almost reached the zenith” and this was said after introducing the women elite credit cards of HDFC Bank. Last month RBI had increased the repo rate by 25 bps to 8.50% and the reverse repo rate was moved up by the same percentage to 7.50%. Repo is the short term rate by which the RBI provides to the banks and as the reverse of repo the rate by which it gets back the money from the banks. And this is for 13th time the Central Bank has increased the rate of interests since from March 2010 and to tame price rises which is balancing near the 10% mark.
Further more the revealed sources said the www.propertykhazana.com the India’s fiscal development rate has decrease to 6.9% in the second quarter in the financial year 2011-12 and the lowest in 9 quarters, on time the government to lower its whole year development venture to 7.3%. Karnad said that, “Auctions in the housing division are momentarily down in 3 to 4 cities because the prices have been raised very much. Auctions are down in high-end sections because people are waiting and watching the situations carefully, on the reduction of housing rates the correction will take place in Mumbai, Delhi and in some parts of Bangalore and there will be correction of 10% to 15% in few of the areas.”
Source: NIMMA BENGALURU
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