Chennai
The fifth edition of Credai Tamil Nadu’s Fairpro 2012 has witnessed participation of 65 developers showcasing around 250 completed projects ranging in value from Rs 10 lakh to Rs 10 crore. An estimated 100,000 people are likely to visit the 3-day event starting Friday, 17th February at Chennai Trade Centre.
This is the first time that a larger area has been taken at the Chennai Trade Centre venue in response to the overwhelming demand from member developers to display a wide range of housing options to homebuyers. Last year’s show generated business worth Rs 100 crore.
Inaugurated by D Jayakumar, Tamil Nadu Assembly Speaker, the highlights of the show include spot booking incentives and discounts, spot approval of home loans, competitive lending rates by housing finance companies and banks besides legal and financial advice from experts in the field. In order to simplify the home-search exercise, a special published report has segregated the availability of various residential projects with developers offering projects in the respective locations.
Speaking on the occasion, K Phanindra Reddy, IAS, Secretary to the government, Housing and Urban Development Department, said the state government has already started interaction with Credai to address the industry’s concern over the delay in planning approval process and assured that it will be proactive in tackling the issues. He said that despite recession and its impact on the economy, real estate sector was doing reasonably well and contributed to the exchequer by way stamp duty revenue besides generating employment to people who have migrated from other states. He assured the industry that the state government would work towards making the approval process as easy and smooth as possible.
Credai members are anticipated to induct 30,000 residential units into the market this year. Though the state housing board has land parcels in Chennai and tier III cities, not much development has taken place since five years. While the state population is 7.2 crore, the state slum clearance board has built only 2 lakh housing units so far and Tamil Nadu Housing Board has built 4 lakh units. Additional 6,000 units are under construction. So the development will have to invariably come from the private sector if the pent up demand in housing and the growing hiatus between demand and supply is to be bridged in the state.
Though there are several developers across the state, there are stringent norms to become a Credai member. Among the criteria specified for membership, specific mention must be made about completion of a minimum area of 2 lakh sqft and the need to abide by the prescribed Code of Conduct and standby the ethical practices. There are 117 members in Credai Chennai and the state has 260 members.
Source: http://content.magicbricks.com/credai-tamil-nadu-showcases-over-250-projects
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