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CREDAI to launch property fair
Confederation of Real Estate Developers’ Associations of India (CREDAI) Tamil Nadu, will conduct FAIRPRO, a property fair, at the Chennai Trade Centre from January 18 to 20, 2008. As many as 48 top-notch builders will display around 200 properties that are coming up in OMR, GST Road, Sriperumbudur along with 4-5 properties in Chennai city.
Akshaya Homes Managing Director and CREDAI TN Chapter Secretary, T. Chitty Babu said “there is no concept of readily available flats in real estate. People have to wait for at least 12-18 months. In a way, they are also happy as they have choice to plan. People living in 1 BHK are moving to 2 BHK flats.”
Harshad Doshi, Chairman, Doshi Housing said “middle class people can still buy properties in the range of Rs 25-40 lakh. However they have to travel some extra kilometre. The concept of 1 BHK is likely to make a come back soon as everyone can’t afford to spend upwards of Rs 50 lakh to buy a flat in the city.
Once BHK flats are available, they are sold out even before it is publicised.”
There are over 1,000 construction firms in Chennai that does a business of over Rs 1 crore. CREDAI has 42 members in Chennai and 30 in Coimbatore. It is planning to start chapters in Trichy and Madurai very soon.
CREDAI will assist the prospective buyers by giving on-the-spot legal due diligence certificate and arrange for finance at attractive rates at property fair. The show is expected to generate a business of Rs 300 crore. “If everything goes well, we will make it an annual affair,” said Mr. Babu.
N.ANAND
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