Housing market set for positive growth in city
Although the economic slowdown has resulted in poor
demand for housing properties in the city last year, there are signs
that the market is on the road to revival, say members of the Tiruchi
chapter of Confederation of Real Estate Developers (CREDAI).
“It is true that demand was lukewarm last year due to the overall
economic slowdown. But there have been good enquiries of late, which we
expect will translate into positive growth for the sector during 2014,”
says T.V.Murali, president, CREDAI, Tiruchi.
CREDAI
is seeking to give a push to the market hosting an exhibition of housing
properties, Fairpro-2014, for the first time in the city. Fairpro
exhibitions were so far organised only in Chennai and Coimbatore and the
Tiruchi Chapter of CREDAI plans to make it an annual event henceforth.
A tier-II city with good connectivity, adequate drinking water sources,
and good educational infrastructure, Tiruchi, however, has largely been
free from speculations and hence land prices have held steady over the
past couple of years. “Tiruchi is not an investor’s destination, but
largely a market for end-users. There is a good demand for affordable
housing in the range of Rs.40 to Rs.50 lakhs. Currently properties are
being developed at a total investment of about Rs.500 crore in the
city,” observes Mr.Murali.
About 30 property
developers, apart from banks, are participating in the expo, providing a
bird’s eye view on over 75 on-going and upcoming projects in the city.
Those seeking to purchase house properties can get comprehensive
information on properties ranging from Rs.15 lakhs to Rs.2 crore.
Developers are offering two to three per cent discounts at the expo,
according to the organisers. “We are expecting enquiries from genuine
prospective buyers to convert into bookings over the next six months.
Although there was a slowdown in the market forcing promoters to reduce
supply, there are indications that demand would pick up over the next
few months,” said B.Senthil Kumar, Secretary, CREDAI, Tiruchi.
The expo, which was declared open on Friday by Corporation Commissioner
V.P.Thandapani, will be open from 10 a.m. to 8 p.m. at Hotel Sangam
till Sunday.
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