'RBI's hike in interest rate to hit property market'

The Reserve Bank's hiking the key policy rate today will hit property sales, particularly in the residential segment, real estate developers said while expressing disappointment at the move.

Realty firms and consultants hoped however that this would be the last round of monetary tightening by the central bank.

"We are very very disappointed. This will bring more suffering to developers community," Confederation of Real Estate Developers Association of India (CREDAI) Chairman Lalit Kumar Jain told PTI.