Housing Development Finance Corporation’s disbursals in September were higher compared to the same period last year, VC & CEO Keki Mistry said in an interview with CNBCTV18. The company had filed a second quarter update with the stock exchanges on Tuesday, showing a 12 percent uptick in loan applications, 9 percent increase in loan approvals, and Q2 disbursements being at 95 percent of the number for the same period last year.
This sparked an 8 percent rally in the stock on Tuesday.
Mistry said that interest rates were at their lowest ever, and that builders were giving discounts to home buyers in order to close deals quickly.
Mumbai real estate market continued to be the biggest growth area for HDFC, and the Delhi and Bengaluru property markets too were performing well, Mistry said. He expects the momentum to continue over the next few months.
He said interest rates had pretty much bottomed out though a 25 basis point cut by the RBI could not be ruled out. He does not see any margin or competition pressure.