Affordable homes will be a reality post demonetization: HDFC Chairman Parekh

 HDFC Chairman Deepak Parekh on Saturday said that post demonetization, the biggest advantage for home-buyers will be lower interest rates, transparency and no large cash payments.

He also expressed hope that many developers will now move towards affordable homes. "Demonetization has been a game changer and was part of a bigger plan of the government. It also ensured that smaller home developers got formalised. The Indian economy has been resilient to the change as anticipated earlier and needs to move forward from demonetization which was used to oust black money," Parekh was quoted as saying at an event titled 'Remonetize India - A Citizen's Pledge'.

Others present at the event included IT and Law and Justice Minister Ravi Shankar Prasad, Commerce and Industry Minister Nirmala Sitharaman, Niti Aayog CEO Amitabh Kant, Infosys founder Narayana Murthy and Hero Corp Joint MD Sunil Munjal, among others. "There is a deep conviction that India will emerge as a much stronger force after demonetization. The biggest advantage for home-buyers will be lower interest rates, transparency and no large cash payments and thus, we also hope that many developers now move towards affordable homes," Parekh said.

Munjal said that from a company's point of view, one needs to find alternatives to make payments. "We also need to watch out for contemporary changes that are taking place across the world and encourage multiple ways of cashless transactions," he added.