Prajapati Hails Rate Cut by Banks

Leading Navi Mumbai-Raigad realty developer and Managing Director of Prajapati Constructions, Mr Rajesh Prajapati has hailed the interest rate cut by Banks. HDFC Bank and Canara Bank have taken the lead in announcing an interest rate cut that will benefit home buyers. HDFC Bank lowered base rate by 0.35 per cent to 9.35 per cent - the lowest in the industry, while Canara Bank cut its minimum lending rate by 0.10 per cent to 9.90 percent.

This has come on the back of RBI Governor calling on banks to reduce their rates and pass on the benefits to the consumers.

"This move will give a fillip to the property market in return. We hope that other banks and home finance companies will also follow suit. This rate cut will have a ripple effect across auto and other sectors as well", said Mr Prajapati.

"The latest reports suggest economic growth slows down at 7%. In view of this, we urge RBI to further slash repo rates to facilitate reasonable rates on interest to 8.5 or 8 per cent. This move will fuel growth across property and automobile sector, resulting in economy gaining momentum", added Mr Prajapati.

About Prajapati Constructions Ltd:

Prajapati Constructions Ltd the flagship company of Prajapati Group is a reputed IS 9001 – 2008 certified company incorporated in 1995.  Prajapati Group specializing in premium affordable housing projects has presence across Navi Mumbai and Hyderabad.

The Group has completed over 20 projects in Navi Mumbai and Hyderabad, encompassing over 1 million sq.ft of space and 1500 units of residential and commercial space delivered.

Today brand “PRAJAPATI” stands for quality, aesthetics and tasteful designs, adhering to timely deliveries giving value for money to customers. By adopting fair & transparent business practices and self imposed ethical code of conduct, Prajapati Group has succeeded in creating a brand which is associated with Trust. Hence our motto -- TRUST US WE DELIVER. While Prajapati Constructions’ main focus is on residential and commercial projects, it is also spread across diverse verticals ranging from constructions and allied businesses to Information Technology.

Prajapati Group – is a member of various associations of repute including MCHI – CREDAI, CREDAI – HYDERABAD, NAREDCO and BANM.