Interest rates hit affordable housing sector, says DLF chief

Mumbai, Jul 5 (UNI) Recent hike in interest rates has left the affordable housing segment of DLF taste bitter while the overall business smelt lesser impact of rate hike since it didn't come adverse to the Luxury and Super Luxury segment, said DLF Chairman K P Singh today.

Speaking on the sidelines of DLF listing ceremony, Singh said nearly 55 per cent volume of business in DLF is coming from the commercial side.

''Demand is massive from the affordable housing sector as compared to the previous years. Boom in economy has made better infrastructure and housing a major requirement for the country,'' he said.

Real estate prices have been showing abberations in past few years, which is the reflection of demand in market time to time.

''Real estate prices have always showed an upward move as a reflection of demand and has varied time to time according to the market demand,'' Mr Singh said.

DLF, he added with joint Venture (JV) partners like Hilton, is on a progressive path. The company has set a target to deliver a susatinable 22 million square feet area per year and will recruit nearly 1,000 employees on yearly basis.

UNI