New Delhi: There is a lot of discussion on the recession in the country these days. All industries are in the grip of recession. Due to which there is a negative impact on jobs. Real estate is one of the sectors where the recession has hit the worst. But the chairman of Housing Development Finance Corporation believes that there is strong growth potential in this sector. HDFC Chairman Deepak Parekh has said that commercial real estate is growing very well.
The growth rate of service sector declined in August
He said that at a time when no one is buying residential houses, commercial real estate also has a bright future. In an interview with a business TV channel, he said that there is a good boom in commercial real estate. He said that especially the IT back-office sector and no one seems to see sluggishness in it. Parekh pointed out that increasing urbanization, rapid migration and growing population of youth in metro cities have increased the demand for commercial realty.
India's future is bright, there is no such thing as recession
Parekh said there are buyers like Sovereign Wealth Funds and Private Equity Funds, who are eager to invest in office realty. Parekh said about affordable housing, that we are also seeing big growth in affordable housing. To meet the demand for affordable housing, HDFC has set up HDFC Capital Affordable Real Estate-2 (H-CARE 2). The Government-run National Investment and Infrastructure Fund of India (NIIF) has invested 660 crores in H-CARE 2.
Petrol, diesel prices continue to decline on Thursday