Housing sector demand is genuine: ICICI Bank

Even as Finance Minister P Chidambaram has asserted that real estate sector is overheating, the ICICI Bank on Friday claimed that there is genuine demand for houses and people have only deferred their decision to buy property.

"The real estate sector cannot be looked in isolation. There is a genuine demand for houses as the market is dominated by first time buyers. Because of the interest rates, many people have only deferred their decision to buy property," ICICI Bank Executive Director Madhabi Puri Buch said while addressing newspersons on the bank's public offering totalling Rs 20,125 crore.

The demand in the housing sector is not coming from speculators, asserted the ICICI Bank which is a major player in the housing sector.

Source : DNA