The Hindu Business Line : `Rates set to move up'

Following the hike in global interest rates, pressure will be on for Indian interest rates to move northwards, said Mr Deepak Parekh, Chairman, HDFC Ltd, at the sidelines of a press conference.

"However, the pressure will not be felt by actual users, it is the investor community for whom the rising interest rates are a real concern. The number of trades in real estate and properties has gone down since there is no revenue generated for them," he said.

The property rates, he said should come down by 20 per cent in the next six months and the interest rates will increase in the future.

"The selling off of the mills in Mumbai will be a factor in the real estate prices coming down on account of increased availability of land in the markets," he said.

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