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Property Prices Will Not Crash, Good Time To Buy: HDFC

Property Prices Will Not Crash, Good Time To Buy: HDFC
Ms Karnad of HDFC says the interest of people to buy homes or locate a property still continues to be very good.
It is a good time to buy property if you are going to live in it – this is the message from Renu Sud Karnad, managing director of HDFC Ltd, the biggest housing finance company in India. In conversation with NDTV Profit, she said that the interest of people to buy homes or locate a property “continues to be very good”.
Here’s an edited transcript of the interaction:

How long do you expect the sector to recover from denomination?
Honestly, it is very difficult to say. I think the positive of it is that…you know, we get calls of people for loans, we get calls every month, we get people coming to our site… Nothing has changed there. As far as the interest of people to buy homes or locate a property still continues to be very good. Yes, definitely for the time being, there is a lull.
You must always know that whenever there is a talk of property prices or interest rates coming down, every buyer waits. I don’t think property prices are going to crash. At the high-end, yes, you might see some rationalisation. People are waiting for the interest rates to come down, but having said that, most of the loans today are on a variable rate basis. So, even if the rates do come down 2 or 3 months later, the customers get the benefit of it.

So, I think, it is a short-term phenomenon. Our need, our requirement, our (housing) shortage is so high that I don’t think people will wait more than 3-4 months before they start coming back to it.
If the RBI cuts interest rate, will banks pass on the benefit to customers?

I can talk about HDFC and I can say is that we have in the past – always whenever it was possible – passed any benefit that we were getting through interest rate rationalisation to the customer and we would certainly do that. It’s really dependent on your cost of funds. As the cost of funds comes down, we are able to pass it on and I think we will certainly continue to do that.

What is your message to home buyers who are uncertain after demonetisation?
If you are going to live in a property, I think there is no time better than today. I think if you look at India’s population…if you look at the rate at which urbanisation is happening, if you are going to be a real user of the property, I don’t think you should ever put back your decision by years… a couple of months maybe, but certainly not by years. And I’m very convinced that the middle income India and the low income India has a long way to go, and the sooner you buy the property the sooner you save your rent the better.

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Happy New Year 2017

Happy New Year 2017

New Year is always so magnificent time of our life, it’s when we celebrate the new upcoming year and say good bye to the previous year 2016. Let us all welcome the coming New Year 2017 with open hearts and remember all the moments in our lives that were memorable from the previous year.

New Year’s Day, which according to the Gregorian calendar falls on January 1, is one of the most popular occasions around the globe. Beyond religion, ethnicity, caste and creed it’s a common festivity enjoyed by all. The culmination of the long holiday season, it marks a new beginning, symbolising new hope and a fresh start.

With amazing parties and fanfare, we are all ready to welcome 2017 and leave behind the bygones. From sad memories to shocking incidents, from heartbreaks to failures – there’s a belief that we will slip into the coming year with replenished soul and vigour. To conquer the best and defeat the worst.

Around the world to mark the new year there are many unusual traditions that people follow. While in Latin American countries believes something as bizarre as the colour of your underwear may affect the coming year, British folklores believe sweeping your house of the New Year’s day will sweep away all the good luck out of the door! No matter what you choose to believe and follow, everyone just hopes the next year is always happier and better than the last one.So, to celebrate the coming new year, here are few messages and greeting to wish your loved ones and friends a very Happy New Year 2017.
* A Happy New Year! Grant that I
May bring no tear to any eye
When this New Year in time shall end
Let it be said I’ve played the friend,
Have lived and loved and laboured here,
And made of it a happy year.

* Nights will be dark
But days will be light,
wish your life to be always bright
Happy New Year 2017