HDFC Managing Director, Renu Sud Karnad, said: “In more than four and a half decades, I have not seen a better time for the housing sector than today due to falling interest rates. interest, housing price stability, government focus on affordable housing, improving affordability, favorable demographics. , growing urbanization and growing aspirations”.
Mortgage lender HDFC said on Wednesday it had approved the highest retail home loans of over Rs 2 lakh crore in 2021-22. The demand for these loans came from across the country, HDFC said in a statement. HDFC Managing Director, Renu Sud Karnad, said: “In more than four and a half decades, I have not seen a better time for the housing sector than today due to falling interest rates. interest, housing price stability, government focus on affordable housing, improving affordability, favorable demographics. , growing urbanization and growing aspirations”.
The residential real estate segment will continue to see strong traction going forward, as housing demand is not just pent-up demand, but is structural, she said. “Over the past year, we’ve seen a strong pipeline of new launches surpassing pre-pandemic levels. Demand for housing continues to come from first-time homeowners as well as those moving up the ownership ladder – typically in homes bigger,” she said.
There is healthy demand in metros and non-metros, and demand is prevalent in affordable and upscale markets and the sweet spot for accommodation is still in the price range of Rs 50 lakh to Rs 1 crore , she said. Affordable Housing will continue to drive the real estate sector in India, she said, adding that the demand for affordable housing in India is extremely deep and resilient.
With more and more developers moving into the mid-tier and affordable segment by providing right-sized, right-priced units that are affordable to end users, the affordable residential real estate segment will continue to see strong traction, she noted. new project launches indicate healthy growth for the housing sector.
HDFC continues to have the largest number of home loan customers over 2.7 lakh, who have availed the benefits of the Credit Linked Subsidy Scheme (CLSS), he said.
As of December 31, 2021, the cumulative loans disbursed under the CLSS stood at Rs 45,914 crore and the cumulative grant amount at Rs 6,264 crore, he said. approved in terms of volume and 13% in terms of value went to customers in the Economically Weaker Section (EWS) and Low Income Groups (LIG).
