New Delhi: Making a strong case for supporting developers to help them come out of crisis, eminent banker Deepak Parekh said the government incentives have helped the affordable housing sector gain traction but homebuyers now clearly want “right developers, right price, right size and right financier”.
Parekh, chairman of housing finance major HDFC Ltd, also said the government’s proposed Rs 20,000 crore fund will help the realty sector in a big way to get their pending projects completed and his company is very keen to contribute to this fund.
“This fund, in which the government will put in Rs 10,000 crore and a similar amount will come in from public and private sector institutions, is a path-breaking move.
“The government is doing its best in supporting this industry and we have to get over the past sins of buying land at high prices and building luxury apartments. There is a limit how many luxurious apartments can be sold,” Parekh told PTI in an interview.
He also said the perception about the entire sector witnessing a slump was wrong as phenomenal sales were happening in the affordable and mid-market segment.
He said HDFC Capital Affordable Housing Real Estate Funds’ (H-Care) $1.1 billion fund has seen strong traction for every project where it has invested across regions, including in Delhi-NCR, Pune and Mumbai, and most of the projects were sold within days.