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Mumbai, Pune host housing expos to beat slump

Business

October witnessed Mumbai and Pune hosting mega housing exhibitions that offered home buyers and investors a wide choice across a range of properties in the budget, premium and commercial segments complemented by discounts by select developers for spot bookings and a slew of home loan options.

MCHI Property 2008, the annual real estate expo at Mumbai’s Bandra-Kurla Complex was held on October 9-12, 2008.

Organised jointly by the Maharashtra Chamber of Housing Industry and the State Bank of India, the event displayed 800 properties over an area of 25,000 sq m, offered by over 85 developers and 15 housing companies from Mumbai, Thane, Navi Mumbai and Pune.

The Promoters and Builders Association (PBAP) Mega Property Exhibition held at Pune’s SSPMS Grounds on October 3-5, 2008, also witnessed a healthy response.

While acknowledging the overall slump in the real estate market, Lalitkumar Jain, president, PBAP, said the Pune market was on a growth path.

“This is because we have the IT, auto and manufacturing sectors that are growing by leaps and bounds and fuelling demand,” he added.

Jain stated the PBAP had worked out a deal with housing finance companies to offer lower rate of interests at the exhibition, which had worked in their favour. “Home buyers hence availed of an interest rate that was 1.75% lower than the existing market rates (11% approximately), which saw an increased number of bookings.”   
 
“Our studies show that affordability has taken a beating. While this has been a factor on the supply side, builders are also hampered by a liquidity crunch and slow sales, thus affecting the industry,” he said.

“Rather than wait for the situation to improve, we thought it would help drive demand, if we bore the reduced interest rates for a period of two years,” he added.

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