Speaking to reporters, N Nandakumar, secretary, CREDAI Chennai, said the market now is more stable and more promising than the previous years. 'There is no problem with the market as such. If there are any delays in projects, it could be with the builder,' he said.
Talking about some of the challenges faced by the industry, Ajit Kumar Chordia, treasurer, CREDAI Chennai, said the steep increase in the guideline value was going to cause incredible hardship to sellers and buyers. The transaction value is only going to go up because of this.
T Chitty Babu, president of CREDAI Chennai, said the fifth edition of FAIRPRO 2012 will underscore the vision of CREDAI’s new ‘Mission Transparency’ initiative and offer a platform for home-seekers to own a property that is based on strong values of trust and integrity. Interestingly, this time the expo would bring in Chennai’s most legendary builders and bankers together to offer prospective home-seekers best value proposition on hot properties with home loans at lower interests.
Chitty Babu also said CREDAI will be donating Rs.2.5 crore to the Chief Minister’s Relief Fund by the end of this month as part of the corporate Social responsibility to help Thane-hit victims. This is apart from the initiative where CREDAI is planting saplings in the 67 km stretch of national highway in Cuddalore.
The growth of the sector will be affected if tax benefits are not extended to realtors and tax exemption on home loan interest component is not increased from Rs 1.5 lakh to Rs 3 lakh, he said.
Only projects approved by the regulatory agencies and vetted by CREDAI's legal wing will be listed for sale, organisers said. With a view to minimizing inconvenience to prospective home buyers, the FAIRPRO team has introduced e-service for issuing entry tickets and registration.