CHENNAI: With property pundits forecasting a rise in real estate prices post the elections, FAIRPRO 2014 is looking to give people a shot at buying their dream home at the best prices available now. “Post election, there might be drastic changes in the market. By the end of year 2014, we expect at least 15 to 20 per cent increase in the rates. So this is the best time as people are waiting to invest their money in properties,” said Suresh Krishn, Secretary, CREDAI Chennai, on Tuesday.
FAIRPRO from CREDAI, is back in Chennai with its seventh edition going bigger and better with more than 70 developers and over 250 pre-approved properties, with pricetags of `15 lakh to `7 crore. The expo will be inaugurated on Friday by Tamil Nadu Governor, K Rosaiah.
This three day annual event will showcase properties of all the ranges with no specific target inviting low range to luxury home buyers into a single roof with unique offers from different builders. A free iPad AIR will also be given for every booking from CREDAI. “To enable hassle free access, this time the online system has also been introduced where the buyers can book e-tickets and enter the expo without standing in a queue for registration or even fix an appointment with any of the developers through the internet in advance,” said Sandeep Mehta, President, CREDAI, also pointing that their home loan mela was widely attended this year.
According to the members, the home loan mela organized by CREDAI from Feb 14 to 16 saw more than 1000 members registering for home loans and in which most them got approval. This time nearly 8 leading banks will be a part of FAIRPRO to provide instant home loans. Business worth `200 Cr is expected this year, which will be more than last year’s record sales of nearly `170 Cr selling nearly 300 apartments.
The past few years and with uncertainty put to rest, the industry expects momentum in property buying,” he added.
Similarly, rental values of office, retail and residential places also fell by nearly 25 per cent. While rentals are witnessing an upward momentum, property buyers, spurred by the separate statehood issue, are still holding on to their plans anticipating further fall in prices.
Upcoming residential precincts like Madhapur, Gachibowli and Kukatpally are expected to register a moderate revision in prices.
“Commercial property market too was dull over the past few years. This was both because of the market slowdown and uncertainty within the State. Now this will change, ” Sudhakar said.
The adoption of Telangana Bill will help boost real estate market in Hyderabad, says Ganesh Vasudevan, CEO, Indiaproperty.com.
In the last 12 quarters, the real estate market in Hyderabad has constantly seen a fall due to the uncertainty over Telangana. Now, since Hyderabad will serve as capital for both the states, it is expected to benefit real estate, he said.
Both the state governments will try to raise the flagging profile of Hyderabad, and if this happens, one can expect the city to regain its sheen as one of the premier IT hubs in the country and a proportional increase in residential demand would be seen, Vasudevan said.