Property prices will come down in the near future: HDFC chief
The Housing Development Finance Corporation (HDFC) has targeted a 25-30 per cent growth this financial year on account of prevailing robust demand from its retail customers, HDFC chairman Deepak Parekh says.
The lender has seen a cooling down in property prices in some pockets and expects prices to come down in the near future, Mr. Parekh says.
“There is a growing demand in the country’s housing segment ... as long as the demand exists, there is a huge business opportunity ... we hope to maintain a 25-30 per cent growth in our housing loan business this fiscal.”
Also, the lender has seen property prices softening in certain pockets in the suburban areas of tier-1 and -2 cities by 15-20 per cent in recent months.
“They (property prices) will come down in the near future. We have already seen prices softening by 15-20 per cent in certain pockets such as Delhi, Mumbai and Bangalore,” he says.
High inflation has necessitated “all necessary steps” from the Reserve Bank of India while the higher lending rates have clearly hurt the interests of borrowers. — PTI
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