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Mumbai, July 6 (PTI) The mortgage leader HDFC today ruled out any upward movement in commercial real estate prices in the near future. "A correction in commercial real estate prices is unlikely.prices are unlikely to show a sharp surge in the coming months. There could be a marginal correction in some areas, but it would be just around 5-10 percent," HDFC vice-chairman and chief executive officer Keki Mistry said on the sidelines of an event here. There is over-supply currently which has brought down the prices by 30 per cent besides driving down the rentals, Mistry pointed out. He also said there is a need to curb shady practices in the real estate industry. "I am not saying there should be a regulatory body, but there should be self-regulation by real estate developers. And if they cannot come together, the authority should step in," Mistry said. Though the realty market was affected to some extent during the global meltdown "demand is picking up gradually," the HDFC official said. Mistry also noted that there is a great demand for residential real estate. "There is huge housing shortage. So there is a scope for investment in this sector. Thus, affordable houses would also be available across India," he said.
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