HDFC’s luxury home show redefines demand pattern in Chennai

Chennai

India’s premier housing finance company HDFC’s 2-day luxury home show held recently in Chennai drew encouraging response from HNIs and corporate executives. Understandably the organisers have restricted the total number of exhibitors to just 12 in order to create an ambience where visual display would do the talking rather than just discussion across the table. A wide range of products from apartments to duplex homes and villas valued at Rs 2 crore and above per unit were on display.

Over 600 people visited the 2-day show held at Leela Palace Chennai in MRC Nagar. Significantly there was not much media glitz for the event as the city’s high profile customers were specifically targeted and invited through database of both HDFC and HDFC Bank. The demand for average home loan size ranged from Rs 1.5 crore onwards. A few developers have clinched deals during the show days and the event has convinced the developers over the consistent and growing demand for high-end homes in the city, according to the organisers.

The demand for high-end apartments valued at Rs 2 crore and above and located within city areas continues to dominate as is evident from the quantum of enquiries received by exhibitors at the show. The other category for which visitors evinced keen interest to ascertain the multiple options available and the time frame involved in completion is villas under various stages of implementation in city’s suburbs and peripheral areas.

There were limited luxury home shows held in the city earlier but they were fizzled out due to a combination of factors. What has made HDFC tick is the focused thrust given to invite the high profile clients to ascertain the demand pattern for high-end homes, according to industry sources. The strategy worked well for both the organisers and the exhibitors and it was a win-win situation. It is no wonder that encouraged by the response to the maiden luxury home show, the company is planning to repeat the show in the city.

V Nagarajan, Property Consultant

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Pay your property tax at any bank in Chennai

Chennai

From June 15, you can walk into any bank branch to pay property tax. The Chennai Corporation has tied up with Indian Overseas Bank, Canara Bank, ICICI Bank, IDBI Bank, HDFC bank, City Union Bank, Karur Vysya Bank and Axis Bank for collecting the property taxes. You can use their net banking and ATM facilities as well to pay the tax.

Residents will have to provide their property tax number, which when keyed in by banking officials will reveal the area of the property and the money due. A receipt will also be issued immediately. Civic officials say the move is aimed at providing more avenues for tax payment, which will reduce queues at zonal offices during the last few days, and in the long run improve their tax collection. “Many people who don’t have any internet connection or can’t waste time standing in long queues at zonal offices will use this facility,” said mayor Saidai Duraisamy.

Officials are still skeptical because the corporation has not been able to sort out issues like penalizing defaulters, a system for residents to retrieve their property tax numbers and a good server, without which even the above initiative is not likely to yield rich dividends.

In fact, in the last two years, not a single property tax defaulter has been penalized. This despite the corporation facing tax defaults to the tune of 268.74 crore last year, according to sources in the civic body. Talking during a press meet on Thursday, Duraisamy said, “We will look into that later.”

Interestingly, the previous DMK-led corporation council in 2010 unanimously passed a resolution toimpose a fine on owners of residential and commercial properties for defaulting on property tax payments. They were to be charged 1% for every month of delay, if you don’t pay for an entire year, the fine could accumulate to 12%.

Source: The Times of India, Chennai