Chennai

The 3-day event by Confederation of Real Estate Developers’ Association of India (CREDAI), Tamil Nadu members, drew an encouraging response from prospective home buyers in and around the city. The property fair showcased 250 plus properties in Chennai Trade Centre from developers across the city.

Over 32,000 people visited the event and the volume of business generated by 65-member developers during the show has been estimated to have crossed Rs 100 crore. The developers are quite upbeat over the outcome of the show and the impending potential for housing market in and around the city for the rest of the year.

Housing finance companies and banks have issued in-principal sanctions for home loans worth Rs 150 crore on submission of basic documents during the show. The encouraging response for home loans could be attributed to the flexibility in terms of lending rate and concessions extended during the show. Even the property developers have offered sops by way of reduction in rates for those who were buying during the event.

According to CREDAI sources, residential properties in the price range of Rs 50 lakh to Rs 4 crore including high-end homes drew good response. The properties showcased during the show varied from Rs 15 lakh to Rs 10 crore covering apartments, villas and developed plots. A majority of the response was from the end users who have evinced keen interest to invest in residential properties.

The number of exhibitors was more than previous years and the layout was done in such a manner to give a thrust to the concept stalls over traditional cubicles. This has given a better image of the exhibits in a market where fierce competition dominates today.

In order to create awareness about the intricacies involved in the home buying exercise, leading law firm Rank Associates has been engaged to provide free legal advisory services to prospective buyers. CREDAI Tamil Nadu has a consumer redressal mechanism and the grievances received have been passed on to the committee for quick processing.

As the overall response to the Fairpro 2012 has exceeded CREDAI’s own expectations, they are contemplating to extend the show to NRIs as well in future in select countries like Middle East, Singapore and UK.

Source: http://content.magicbricks.com/credai-property-fair-draws-positive-response