Housing demand in India will continue to rise due to genuine buyers

Indian Real Sector: The Indian real estate sector is growing rapidly and residential housing continues to be the rising star of this sector. This is to say of Deepak Parekh, chairman of HDFC, the country’s largest housing finance company. He said that unlike western countries, the demand in the housing sector in India is driven by genuine home buyers and not by speculation. Although he also said that there may be a marginal increase in home loan interest rates, but it will not affect the demand for home loans.

Deepak Parekh while addressing the CII Real Estate event said, India’s real estate market is growing rapidly, which is good for all of us. Residential housing continues to be the leader in the real estate sector in India. He said that I need to reiterate that the demand for homes in India remains strong. He said that the biggest proof of this confidence is the pipeline of launching of new housing projects which has crossed the pre-pandemic level.

According to Deepak Parekh, the housing demand is from first time home buyers, or those who want to buy a big house or a house in any other place. Parekh said that in his working life of more than 50 years, he has never seen better housing affordability in India than it is today. He said that today cash is easily available, interest rates are very cheap and the desire of home buyers to buy a house like it is seen today is never seen before.

He said that due to the lack of supply in western countries, the prices of houses increase during the epidemic, where most of the house transactions are done for investment or for betting. Whereas in India there is a demand for homes from the real homebuyers.

According to Deepak Parekh, the income of people is increasing in India, so young people will have the ability to buy a house early in their life. He said that in high-end premium projects, prices have increased by 15 to 20 per cent, but this is not the case with all projects. The price is very stable in the affordable segment. He told that houses worth Rs 50 lakh to Rs 1 crore are still very much available.

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