New Delhi, March 5 (IANS): People have started buying their dream homes again after the Covid-19-induced lockdown and economic disruptions have completely dried up new purchases.
Such has been the renewed interest of customers in housing that builders even sell hard-to-sell and not “vastu” homes without offering much discounts.
And the numbers show that real estate activity is picking up momentum. According to a report by Emkay Global Financial Services, systemic monthly mortgage disbursements in February peaked at Rs 75,000 crore, against Rs 40,000 crore on average. This is mainly due to pent-up demand driven by low rates, attractive property prices, low stamp duty (temporary although in Maharashtra) and a change in customer behavior towards the larger property / house.
Financial distributor Andromeda disbursed nearly Rs 2,100 crore in February (up 20% year-on-year) with home loans of Rs 1,250 crore (60% of disbursements).
After declining in S1FY21, the systemic growth trend in retail lending remained healthy in S2FY21 (up 9% yoy / 7% yoy) with mortgage lending increasing 8 percent yoy / 6 percent year-on-year amid the festive glee, the brokerage said in its report. .
Among the big players, SBI leads the pack with nearly 31 percent market share in recent disbursements made in the mortgage segment, followed by HDFC Group at 19 percent, ICICI at 13 percent, BOB at 9 percent. percent and Axis at 7 percent. hundred. Kotak has shown renewed aggressiveness in line with management guidance, with a 3% market share in mortgage disbursements in February.
“We expect a further acceleration in overall personal lending growth (currently 9% year-on-year versus 15% last year), driven by mortgages (contributing 51% of personal loans) and back support -end by unsecured (Cards / PL) and vehicle loans, ”the brokerage said.