The onset of the pandemic had a devastating effect on the economy last year. The national lockdown, uncertainty over vaccine development and dealing with a completely unknown event which had no precedent in the modern era led to an understandable pessimism about what the future holds for us. From an economic perspective, I was confident we would begin to recover as lockdown measures are eased. India’s macroeconomic fundamentals are sound and our inherent demand cannot be questioned.
As regards housing loans, there was a general consensus that the recovery would be gradual, but it was much faster than anticipated. At HDFC, our year-todate retail disbursements not only continued to improve month-on-month, but more importantly, from September onwards, there was consistent growth compared to the same month in the previous year. In fact, in the March quarter, we saw 60 per cent growth in individual disbursements. I cannot remember a full quarter of such sharp growth in HDFC’s history.
Whilst recurring waves may cause a momentary pause in offtake of housing loans, the effect will always be significantly less severe than during the first wave. Importantly, the recent lockdowns have been localised, with micro containment zones, and not as strict as last year, with many sectors allowed to operate. If last September to March is any indication, then one can be reasonably confident that the demand for housing is more buoyant than ever. With the vaccination drive gathering pace, I can only see an upward momentum for the housing sector.
This story is from the September 05, 2021 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 05, 2021 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The Dark Side Of Gold Loans
There Has Been A Sharp Rise In Gold Loans In Recent Years. But There Is A Seedier Side To This, As Is Evident From The Red Flag The RBI Raised Recently. Will The Regulator's Move Protect Customers?
All That Glitters
The price of gold has been rising unabated. It has soared to more than 73,000 per 10 gm in 2024 from *31,000 in early 2018. Is the rally sustainable or is this a bubble?
"Hire for attitude, not ability"
Thryve Digital is a player in the healthcare technology sector delivering next-generation solutions
Road Warrior
For Khalid Wani, Senior Director of Sales at Western Digital India, life is much more than just the corner office. Biking across the world is one way he derives meaning for his life
WIDENING THE POOL
THERE HAS BEEN A JUMP IN INDIVIDUALS INVESTING DIRECTLY IN THE STOCK MARKETS, BUT MUMBAI AND AHMEDABAD STILL ACCOUNT FOR THE LION'S SHARE. THERE DEFINITELY IS SCOPE FOR IMPROVEMENT IN TERMS OF PENETRATION LEVELS ACROSS THE COUNTRY
CRISIS IN THE CLOUDS
INDIAN AVIATION IS IN CRISIS. AIRLINES ARE GRAPPLING WITH FLIGHT CANCELLATIONS, CREW SHORTAGES, AND COMPLAINTS ABOUT POOR SERVICE, ARE BLEEDING DUE TO RISING COSTS WILL THE FASTEST-GROWING AVIATION MARKET RECOVER?
"India should start privatising public sector banks"
Arvind Panagariya, Chairman of the 16th Finance Commission, on growth, inequality, jobs, the banking sector, and more
"I LET MY WORK DO THE TALKING"
Megha Engineering & Infrastructures MD P.V. Krishna Reddy on being low profile, the infra opportunity and much more
"Core of insurance lies in long-term security"
Vibha Padalkar, MD & CEO of HDFC Life, on the insurance provider's performance, surrender charges, and future innovations
Distress in the Books
Bandhan Bank, the brainchild of Chandra Shekhar Ghosh, has made the journey from an MFI to a bank, but with many hurdles. Now with his resignation as MD & CEO, is the lender staring at more uncertainty?