An Upbeat Realty Sector Woos Customers Post Budget
Thiruvananthapuram: Reinvigorated by the incentives to the housing and infrastructure sector offered by the Union Budget 2019, the Confederation of Real Estate Developers Association of India (CREDAI) showcased over 1000 villas and apartments from 35 builders at the eighth edition of CREDAI Property Expo in Thiruvananthapuram recently.
The three-day expo was inaugurated by V K Prashant, Mayor, Thiruvananthapuram City Corporation, on July 26.
“One of the greatest features of CREDAI is that all member builders ensure high quality construction. Membership in CREDAI is offered to only those builders who maintain the standards stipulated by the Association. So through the fair we sought to offer the public an opportunity to buy real estate having high standards,” said V S Jayachandran, President, CREDAI Trivandrum & Joint Managing Partner, Mansions.
According to CREDAI's officer-bearers, similar shows organised by CREDAI in the GCC countries have elicited positive sentiments among the non-resident Keralite community to make investments in residential projects in the State. “There has been a lull in real estate business until some time ago. But that has changed and now an investment mood is prevailing among the people,” said S N Raghuchandran Nair, former Chairman, CREDAI Kerala & Managing Director, SI Property.
Affordability is one of the major concerns of many buyers in the market. But CREDAI, under its umbrella, has got builders who offer a wide range of real estate products at affordable prices to the customers. The expo featured apartments and villas the price of which ranged from Rs. 50 lakh to over Rs. 2 crore. The builders showcased small to large apartments having different built-up area. The builders' collective has tied up with State Bank of India, HDFC and Canara Bank – all of which have already approved new projects. “If a customer likes one of the projects and decides to purchase, the bankers would give on-the-spot approval for loans,” said Jayachandran.
CREDAI assures that prospective customers will get all the benefits for housing announced by the government in the recent budget. The builders’ collective has clear guidelines on following Goods and Services Tax (GST) as mandated by the government.
Impact of the Budget
According to CREDAI, the Union budget presented by Finance Minister NirmalaSitharaman has offered many incentives to the housing sector which is, in turn, very good for the market. “Affordable housing to the middle class segment which so far has been a neglected lot is one of the key points of the budget,” said Raghuchandran Nair.
“The main benefits include concessions on capital gains and owning a second house. Hence, the budget is poised to revive the real estate market in the coming months. One more reason why I am positive about it is because the interest rates are also coming down,” he added.