Realty prices are down: Keki Mistry

HDFC chief says banks and housing finance cos will pass on cut in interest rate in next few months

With no price increase in the last two years, residential real estate has seen a price correction, said Keki Mistry, vice chairman and CEO, HDFC, Keki Mistry on the sidelines of real estate event here.

"We have already seen developers cutting prices when buyers sit across the table," Mistry said.

Mistry also said that banks and housing finance companies will pass on cut in interest rate in next few months.

"Transmission will happen with lag effect but it will happen," Mistry said.

He also added that risk weights on housing loans are high in the country and they should come down.

 

He said banks and housing finance companies should be allowed to fund land buying.