COIMBATORE: The smart city project along with a good housing policy being promoted by the Centre has positively changed market sentiments, say real estate developers. For example, the Chennai chapter of Fairpro this year saw a 10% increase in business, which developers say is a clear signal that the real estate industry is slowly seeing an upward trend.
The president of CREDAI (Confederation of Real Estate Developers Associations of India), Coimbatore, Rajesh Lund, said Chennai’s Fairpro had seen a business of 306 crore this year. “This is a 10% increase from the 280 crore business done by them last year,” said Lund, who was announcing this year’s Fairpro.
“This is a sign that people are realizing that construction prices are going up and land prices are not going to go down, making it the right time to buy a house,” said Lund.
“The government policy to bring down interest rates and give offers like Rs 50,000 subsidy for a house worth Rs 50 lakh for first time buyers are added incentives,” he said.
They say announcement of Coimbatore being made into a smart city, along with the passing of the Real Estate Regulation Bill has made investors feel more secure about buying properties and more interested in Coimbatore.
“It is common knowledge that except 17,000 sq ft, the rest of Tidel Park is full. So a lot more people are moving into the city,” he said. “With the new legislations ensuring that buyers don’t get cheated, they too feel more secure,” he said.
CREDAI, Coimbatore, has decided to organize its eighth edition of Fairpro, their annual property fair, almost a month ahead of schedule to target NRI investors. “We usually organize it in mid-Aadi month or post-Aadi month but we have decided to host it earlier this year because most NRIs are in town during this period. It is the school holiday season abroad,” said CREDAI secretary and chairman of the CREDAI Fairpro committee, Kalpesh Bafna.
“We thought NRIs interested in buying can take a serious decision to buy before they leave abroad, and this fair makes it easy because they can compare properties with each other and meet banks for loans in one platform,” he said.
Fairpro will be held between July 1 and 3 at E Hall in CODISSIA trade fair complex. It will be inaugurated by managing director of ELGI Equipments, Jairam Varadaraj. They expect footfalls between 7,000 to 8,000 people of which 30% are expected to be genuinely interested buyers.
Credits ET Realty