India’s biggest banker SBI (State Bank of India) disbursed Rs.1,200 crore less housing loans during the year to November as home sales dropped across major cities because of high house prices and increasing loan interest rates.
Drop in off take..!
Mr. Bhaskar Niyogi, CGM, SBI said “Growth in housing loan disbursals is down, because of the drop in off take in major real estate markets, like the Delhi-NCR (National Capital Region) and Mumbai.”
In 2011, April to September 6 month period, SBI disbursed housing loans worth about Rs. 12,700 crore, down from Rs. 13,900 crore in the same period last year.
While most banks and HFCs (Housing Finance companies), including AXIS Bank, HDFC (Housing Development Finance Corporation) did see a drop in housing loan stake up in NCR, Mumbai the silver lining has been tier-II and tier-III cities.
Chennai City..!
According to Mr. Deepak Parekh, Chairman, HDFC, “Smaller cities have more than compensated for the drop in bigger cities.The slowest growth for HDFC this year was in Mumbai, along with Hyderabad and Kolkata. In the NCR, only some areas like Greater Noida and Gurgaon have been slow. For HDFC, Chennai City has seen rapid growth while other small cities like Pune, Ghaziabad, Chandigarh too have been booming.
Mr. Anuj Puri, Country head, Jones Lang LaSalle India, said,''“These cities have seen realistic pricing by developers because of which home sales have been good. This is despite housing loan interest rates going up."
According to National Housing Bank’s Residex, prices in cities like Chennai, Faridabad, Patna, Ahmedabad, Surat, Kochi, Bhopal have seen a 20-30% up.
Mr. R.V. Verma, CMD, National Housing Bank said, '“Tier-II, III cities have seen 18-19% growth in housing loan disbursals and demand is picking up, especially from end-users. This growth to the good income growth in these cities as well as comparatively lower prices."
Property prices in Mumbai, Gurgaon and Bangalore have up between 20% and 40% in the last 12-15 months. This, along with rising interest rates, has put the home buyer in these cities on the back foot.
According to Property research firm PropEquity, at the end of September 2011, Delhi had an inventory overhang of 47 months, while Mumbai had 39 months of inventory.
SRC: ET
Drop in off take..!
Mr. Bhaskar Niyogi, CGM, SBI said “Growth in housing loan disbursals is down, because of the drop in off take in major real estate markets, like the Delhi-NCR (National Capital Region) and Mumbai.”
In 2011, April to September 6 month period, SBI disbursed housing loans worth about Rs. 12,700 crore, down from Rs. 13,900 crore in the same period last year.
While most banks and HFCs (Housing Finance companies), including AXIS Bank, HDFC (Housing Development Finance Corporation) did see a drop in housing loan stake up in NCR, Mumbai the silver lining has been tier-II and tier-III cities.
Chennai City..!
According to Mr. Deepak Parekh, Chairman, HDFC, “Smaller cities have more than compensated for the drop in bigger cities.The slowest growth for HDFC this year was in Mumbai, along with Hyderabad and Kolkata. In the NCR, only some areas like Greater Noida and Gurgaon have been slow. For HDFC, Chennai City has seen rapid growth while other small cities like Pune, Ghaziabad, Chandigarh too have been booming.
Mr. Anuj Puri, Country head, Jones Lang LaSalle India, said,''“These cities have seen realistic pricing by developers because of which home sales have been good. This is despite housing loan interest rates going up."
According to National Housing Bank’s Residex, prices in cities like Chennai, Faridabad, Patna, Ahmedabad, Surat, Kochi, Bhopal have seen a 20-30% up.
Mr. R.V. Verma, CMD, National Housing Bank said, '“Tier-II, III cities have seen 18-19% growth in housing loan disbursals and demand is picking up, especially from end-users. This growth to the good income growth in these cities as well as comparatively lower prices."
Property prices in Mumbai, Gurgaon and Bangalore have up between 20% and 40% in the last 12-15 months. This, along with rising interest rates, has put the home buyer in these cities on the back foot.
According to Property research firm PropEquity, at the end of September 2011, Delhi had an inventory overhang of 47 months, while Mumbai had 39 months of inventory.
SRC: ET
No comments:
Post a Comment