HDFC chairman Deepak Parekh on Thursday said the Indian real estate market is on an upward cycle and the greatest mark of confidence in the realty sector has been the launch of new houses surpassing pre-pandemic levels.
Speaking at the 4th edition of CII Real Estate confluence, Parekh said the demand for housing in India is from genuine home buyers, not from speculative ones.
"The demand for housing continues to be very strong. There also continues to be a huge housing shortage. I have never seen lower interest rates, so much liquidity, and such a strong desire to own homes as today," he said.
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He said the greatest mark of confidence in the realty sector has been the launch of new houses surpassing pre-pandemic levels. As income levels have risen, this will lead to younger people being able to afford houses sooner.
HDFC chairman said the real estate sector has demonstrated remarkable resilience during the COVID-19 and stronger players in real estate have consolidated their positions, "I can see deleveraging across Corporate India including real estate."
Talking about the economy, Parekh said "India stands out as one of the fastest-growing major economies, yet the country is not decoupled from the global economy."
According to Parekh, "There is a shift in narrative that inflation is no longer transitory, and is getting more entrenched. We have the uncertainty of the impact of US Fed rates hikes on markets."
(Edited by : Jomy Jos Pullokaran)
First Published: Feb 17, 2022 3:44 PM IST
