The Indian real estate market is on an upward cycle and residential housing continues to be the star of the sector, HDFC chairman Deepak Parekh said on Thursday. He added that unlike many other Western countries, the demand for housing in India is from genuine homebuyers and is not speculative in nature. "The India real estate market is on an upward cycle which bodes well for all of us. "The big star of the real estate sector continues to remain residential housing in India. "I hardly need to reiterate that demand for housing in India continues to remain robust," Parekh said while addressing the CII Real Estate event.
The government on Wednesday said the country needs investment to the tune of Rs 361,000 crore (Rs 3,610 billion) to meet the shortage of nearly 25 million housing units.
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