Saturday, October 10, 2009

MCHI announces Property 2009, India's Largest Official Property Exhibition

At MMRDA grounds BKC during October 1-4, 2009

Maharashtra Chamber of Housing Industry (MCHI), the most prominent body of real estate builders and developers in the country, today announced ‘Property 2009’ their 15th Real Estate and Housing Finance Exhibition to be held at MMRDA grounds, Bandra Kurla Complex, scheduled to be held during October 1-4, 2009 from 11am to 8pm.

Property 2009, India’s only official and largest real estate and housing finance exhibition organized bi-annually by the MCHI from last ten years, is a one-stop destination for the potential property buyers in Mumbai. It offers home buyers a wide range of properties both Budget, High End and Commercial Properties along with a wide choice of Home Loan options.

As many as 75 real estate developers would be showcasing the properties located in Mumbai and the suburban areas, Thane, Navi Mumbai, Pune and other parts of India during the exhibition. The exhibition is organized by MCHI and co-organized by the State Bank of India, Platinum Partners – ICICI Home Finance Company Ltd., Axis Bank, and LIC Housing Finance Ltd. IDBI Bank is the Gold Partner and HDFC Ltd is the Silver Partner.

Prominent housing finance companies such as Citibank N A, Dewan Housing Finance Corporation Ltd., GIC Housing Finance Ltd, IDBI Home Finance Ltd and Kotak Mahindra Bank Ltd will also be participating in the exhibition, offering their best deals.

Mr. Pravin Doshi, President MCHI said, “As the festive season begins, we would like to offer an opportunity to the thousands of prospective home buyers to buy the house that suits their requirements from the properties being displayed at the exhibition.”

Mr. Harish Patel, Convenor Exhibitions adds, “Riding on the revival in the overall economy, real estate has recently seen demand is picking up in all the segments. We are very much confident that forthcoming mega real estate exhibition would serve the cause of bridging the gap between the potential buyers and the real estate developers by bringing them at the one platform”.

Mr. Deepak Goradia, Co-convenor Exhibitions, said, “MCHI’s property exhibitions have always reflected the market’s true sentiment. Be it the mega shows or the budget shows, these exhibitions have become a convergence point for property seekers. This time too, we foresee a great potential as thousands of prospective home buyers are awakening to the prospect of investing in property to get the best returns”.

About MCHI:

Maharashtra Chamber of Housing Industry (MCHI), formed in 1982 is the most prominent body of real estate builders and developers bringing together members dealing in real estate and construction industry on one common platform to address issues facing the industry. Members of MCHI account for providing 80 % - 90% of residential accommodation in Mumbai and its vicinity. MCHI helps both the Central and State governments in meeting their objectives of providing shelter. MCHI works towards raising awareness among the general public, real estate and construction industry while providing them with exhaustive information on projects and new developments in and around Mumbai. With over 400 well-recognized and reputed member builders, developers MCHI is affiliated with leading industry associations like Ficci, IMC and Credai.

The IndiaHome Property Exhibition, which helps the Indian diaspora get information on a range of residential real estate opportunities in
India, will be held in Dubai from October 9-11.

The exhibition invites prominent builders from across India to showcase their projects under construction and will feature Emaar MGF, ETA Star, Hiranandani Constructions and K Raheja Corp, among others. The cost of the properties showcased is likely to be in the range of Rs 40 lakh to Rs 10 crore.

"Owning a home in India is a long-cherished desire of all NRIs worldwide. Our endeavour with the IndiaHome Property Exhibition is to create a convenient interface for NRIs with India's reputed real estate developers and help make the purchase process seamless," Citibank India Head Consumer Assets Ashish Mehrotra said.

NRI customers can avail loans ranging from Rs 20 lakh-Rs 5 crore for ready-to-move and under-construction properties which can be obtained under flexible repayment plans and periodic payments can be conveniently routed through the Citibank NRE/NRO Account, Mehrotra added.

Other companies participating in the event include Brigade Enterprises, Chaithanya Projects, Fairy Land Foundations, Gera Developments, Goel Ganga Group, Jaiprakash Associates, Kumar Properties, Lancor Holdings, Paranjape Schemes (Constructions), Sobha Developers and Three C Universal Developers.

Hosing sector demand to go up by 30 percent: FICCI Asetventures

The residential sector will lead the revival of India's reality industry as it will see a surge in demand by 30 percent by 2009-end, according to an industry lobby survey.

'Although the real estate sector has started showing some signs of revival, a majority of the industry experts expect the residential segment to recover by the end of 2009 with a 25-30 percent renewal in demand,' said the survey report by the Federation of Indian Chambers of Commerce and Industry (FICCI).

However, the commercial and retail segments will take some more time to recover.

The commercial and retail segments are expected to pick up after the third quarter of 2010, the report said.

'Affordable housing seems to be the flavour of the day as more than 34 percent of the demand in the residential segment is in the price bracket of Rs.5-Rs.15 lakh,' the survey said.

Demand for houses in the range of Rs.15-Rs.25 lakh will go up by 26 percent, while those in the bracket of Rs.25-Rs.40 lakh will see demand rising 22 percent, the chamber said.

Properties priced between Rs.35 lakh and Rs.50 lakh will see 12 percent increase in demand, while the houses priced above Rs.50 lakh will see a mere 6 percent rise.

However, banks are still cautious in lending, and prefer lending to credible developers, the survey said.

The real estate mutual funds have not taken off well in the Indian market due to 'lack of awareness and ambiguous policy framework'.

The taxation and exit-related issues need to be resolved and the guidelines need to be comprehensive and transparent for them to do well, it added.

'Lack of standardised policies is the most serious issue. Multiple state laws hinder and delay the execution of projects. Absence of single window clearance emerged as the second most critical issue,' FICCI said.

Unclear land titles pose a major challenge in the development of real estate sector, it added.