The quote from Mr. Gaurav Mittal, MD, CHD Developers Limited on the monetary policy announced today is appended below.
Commenting on the monetary policy Mr. Gaurav Mittal, MD, CHD Developers Limited said, “Decline in consumer price index inflation to 5.05% in August from a 22 month high of over 6% in July had opened up the possibility to cut the repo rates. We welcome the rate cut of 25 basis points as announced today. Further the banks should pass on the benefits of this rate cut by lowering the mortgage rates thereby making home loans more affordable for the buyers. Lowering of the lending rates would be pivotal in generating demand and stimulating the economic growth.”