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‘Home prices at pre-slowdown peaks’

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Mumbai Leading home-loans lender, HDFC, feels that residential real estate prices in the country are hitting the peak levels observed pre-slowdown.

"There is an improved economic sentiment and developers have started charging premiums as land prices have also suddenly started going up...prices are getting to the peak levels," HDFC's Chairman, Deepak Parekh, said while addressing shareholders at the company's annual general meeting here.

Parekh said between September 2008when the slowdown hit the marketsand October 2009, residential real estate prices dropped by over 25 per cent but have started going up afterwards.

He cited such trends observed in India's most active markets of NOIDA in the NCR, western suburbs of Mumbai and a Bangalore suburb to illustrate, saying the prices have gone up across all of them.

Commercial real estate prices and rents will remain subdued for sometime, he said.

"In the next 12-months, over 4-million square feet of office and IT space is going to be made available...where will there be takers for so much of space?" he asked.

Parekh also said that he "strongly feels" for having a real estate regulator in place.

Talking for the common man and the hardships faced, he said, "I feel the prices are very high and should go down."

Source: ExpressIndia.com