Bangalore: The Reserve Bank of India (RBI) may opt to reduce cash reserve ratio (CRR) in the monetary policy review on January 24 rather than cut the interest rates, Housing Development Finance Corp CEO Keki Mistry said. "RBI may cut the CRR than reducing the interest rate in the next policy review," Mistry said addressing an event arranged by Wharton University of Pennsylvania titled 'India Economic Forum' here. RBI has raised interest rates 13 times since March, 2010 by 375 basis points in its bid to control inflation which has been above 9% for a year. A rapid slowdown in food inflation in December has raised hopes of a reversal of the monetary tightening cycle. Mistry, however, said that rising interest rates had minimal impact on the real estate market. "There is minimal impact of rising rates on real estate market, which is limited to metros. In Tier-II and other cities, the impact has been minimal," he said. Referring to outlook for the industry, Mistry said the current year would be better for the industry as interest rate environment is likely to be benign. Other experts from the real estate also echoed similar sentiment. "As there is a huge demand-supply gap in the country as far as housing is concerned, current year should be better for the industry," Chairman of Hiranandani Group, Niranjan Hiranandani said. About the proposed formation of housing regulatory authority, he said that the bill would further delay the approval process causing delays in project completion. "Real estate sector should have an enabling authority than a regulatory authority. Also, there should be a single window clearance system for speedy approvals," Hiranandani said.