HDFC chairman Deepak Parekh said on Thursday that demand for housing in India is coming from genuine buyers, not speculators.
Speaking at the 4th edition of the CII Real Estate confluence, Parekh said demand for housing in India is coming from genuine buyers, not speculative ones.
In addition, demand for housing continues to be very strong. There also continues to be a huge housing shortage. I’ve never seen lower interest rates, so much cash, and such a strong desire to own homes as I do today, he said.
According to Parekh, the country’s property market is on an up cycle which suits all of us, and for India, the peak and trough of each property market cycle usually lasts 6-8 years.
He said the biggest show of confidence in the real estate sector has been the launch of new homes surpassing pre-pandemic levels. As income levels rise, young people will be able to buy a home sooner.
The HDFC Chairman said the property sector has shown remarkable resilience during COVID-19 and stronger property players have consolidated their positions, “I can see deleveraging in Corporate India including real estate”.
Speaking on the economy, Parekh said that “India stands out as one of the fastest growing major economies, but the country is not decoupled from the global economy.”
There is a shift in the narrative that inflation is no longer transitory and becomes more entrenched. We have uncertainty about the impact of US Fed rate hikes on the markets, he added.
(Edited by : Jomy Jos Pullokaran)
First post: STI