The Hindu : Tamil Nadu / Chennai News : Over 1 lakh visited property fair

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Monday, Feb 16, 2009
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Tamil Nadu

Tamil Nadu - Chennai

Over 1 lakh visited property fair

Staff Reporter

SBI provided
in-principle sanction
for home loan totalling Rs.83.56 crore during the three days

CHENNAI: FAIRPRO’09, the property fair organised by the Confederation of Real Estate Developers’ Associations of India-Tamil Nadu, witnessed over one lakh footfalls and hundreds of bookings over the three days of the event.

Announcing this at a press meet here on Sunday, exhibition cairman Sandeep Mehta told press persons that the response to FAIRPRO’09 was considerably better than the annual exhibition witnessed last year.

One of the reasons for this was that “the price of prime properties was reduced considerably. There was very good response,” explained Prakash Challa, President of the Confederation of Real Estate Developers’ Associations of India-Tamil Nadu.

For instance, property, previously priced at Rs.3,000 per sq ft, was marketed at around Rs.2,300 per sq ft, he said.

Home loans

“The average ticket size of the home loans sanctioned was Rs.25 lakh,” said V.G.Kannan, General Manager, State Bank of India.

One of the factors that helped in an increase in the number of home loan seekers was the bank’s new home loan scheme at 8 per cent interest, he said.

SBI said the bank had provided in-principle sanction for home loan totalling Rs.83.56 crore during the three days.

Other housing finance companies and banks such as Housing Development Finance Corporation (HDFC), AXIS Bank and LIC Housing Finance reported an increase in the number of enquiries for home loans.

“We are processing the applications as many of the applicants have not provided the necessary documents. There will be an increase in the number of home loan sanctions in a few weeks,” said Mathew Joseph, Senior General Manager of HDFC.

With a high footfall, a good rate of conversion would make the fair hugely successful, said G.R.Sairaj, Manager, Retail Asset Centre, AXIS Bank.

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