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    HDFC bets on affordability, says best time to buy house; sees growth in higher income category

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    HDFC bets on affordability, says best time to buy house; sees growth in higher income category

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    Keki Mistry, VC & CEO of HDFC, on Tuesday, said that in terms of affordability, this is really and truly the best time to buy a house. According to him, more developers are looking to build commercial as well as residential properties.

    Keki Mistry, VC & CEO of HDFC, on Tuesday, said that in terms of affordability, this is really and truly the best time to buy a house.
    Mortgage lender Housing Development Finance Corporation (HDFC) on Monday reported a net profit of Rs 3,780.5 crore for the quarter ended September, beating Street estimates. The net profit was up 31.7 percent on a year-on-year basis. HDFC's net interest income -- the difference between interest earned and interest paid -- increased 12.7 percent on year to Rs 4,108.5 crore, as against analysts' estimate of Rs 4,229.1 crore.
    “On-ground demand is very strong, it continues to remain very strong and we hope that the momentum continues. And my personal view is that customers who were waiting on the sidelines, hoping property prices would come down or not go up, will now start thinking that with so much demand in the market, they should look to buy a house as soon as possible. In terms of affordability, this is really and truly the best time to buy a house,” Mistry said, in an interview to CNBC-TV18.
    On business, he said, “The momentum in the middle-income and the lower-income group has continued to remain strong. It is the higher income bracket where the growth has started seeing a sharp pickup. So, cities like Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, all these places are seeing a strong growth. So, this reflects in the average loan amount.”
    According to him, more developers are looking to build commercial as well as residential properties. “Because of the revival in real estate market, demand for real estate, residential housing in particular, during the last 12 months, we have started seeing that more developers are looking to launch more projects on the residential side. On the commercial side, because of the success of the real estate investment trusts (REITs), developers are looking to build commercial property,” said Mistry.
    For the entire management interview, watch the video
     
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