Bigger and Better Property Fair in Chennai

Bangalore: Confederation of Real Estate Developers' Association of India (CREDAI) is organizing annual property fair, ‘FAIRPRO 2012' in February 2012, which is expected to be bigger and better compared to previous year. The Fifth edition of ‘FAIRPRO 2012', a three day exhibition will be held at Chennai Trade Centre in Nandambakkam from February 17th to 19th.  Nearly 65 developers will display around 250 projects, with prices ranging from 10 lakh to 10 crore, at the exhibition.

Suresh Krishn, Convenor, FAIRPRO stated that the exhibition will only display those projects for sale that are approved by the regulatory agencies and evaluated by CREDAI’s legal arm. The FAIRPRO team has initiated e-service for issuing entry-tickets and registration for the home buyers to reduce trouble for the prospective home buyers.

N.Nandakumar, Secretary, CREDAI Chennai, stated that the real estate market is more stable and promising compared to previous year.  “There is no problem with the market as such. If there are any delays in projects, it could be with the builder,” he said, reports The Hindu.

T.Chitty Babu, President, CREDAI Chennai, stated that, to help potential buyers regarding legal elucidation, a legal corner would be available at the FAIRPRO. He also drew attention of central and state governments to be considerate towards the real estate sector. Expressing his concern over the real estate sector he said that the progress of the sector will be affected if the government does not take an initiative of extending the tax benefits and increasing the tax exemption on home loan interest from 1.5 lakh to Rs 3 lakh.

Ajit Kumar Chordia, Treasurer, CREDAI Chennai, on this note spoke about the obstacles faced by the real estate industry; he also said that the real estate industry is still waiting for clarification on the unoccupied land tax, mainly for municipality properties.