HDFC Chairman Deepak Parekh said on Thursday that the Indian property market is on a bull cycle and the biggest sign of confidence in the property sector has been the launch of new homes surpassing pre-pandemic levels.
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.
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.”
According to Parekh, “there is a shift in the narrative that inflation is no longer transitory and more entrenched. We have the uncertainty of the impact of US Fed rate hikes on the markets.”
(Edited by : Jomy Jos Pullokaran)
First post: STI