Housing demand in India will grow uninterrupted: Keki Mistry, CEO, HDFC

Keki Mistry, CEO HDFC is of the view that for the next 15 years, housing demand in India will grow rapidly. He said Housing has become more affordable today than ever before, Penetration level of mortgages in India is extremely low at 10% of GDP, The government has a massive focus on housing and is encouraging more people to buy houses and more developers to construct affordable housing units,  and India has a young population.

Two-thirds of our population is below 35 years of age and unlike the West, in India people buy a house only when they are in their late thirties. So, the average age of a first-time homebuyer in India is about 37-38 years and with two-thirds of the population being below 35 years, what it really means is that over the next one, three, five, seven, 10, 15, 20 years all these younger people will get attain an age where they will necessarily have to buy a house and therefore, necessarily have to take a loan. The structural demand for housing in India will always remain strong with a long term view.