CHENNAI: The seventh edition of ‘Expanding Metropolis’, a two-day property fair presented by The New Indian Express and Bank of Baroda, was inaugurated at Chennai Trade Centre on Saturday.
As many as 53 developers have set up stalls, with buyers getting an opportunity to win a tablet based on a lucky draw. Various property, both under-construction as well as completed, are showcased.
P V Subba Reddy, General Manager, Bank of Baroda, Thiagarajan, Manager, SSM Builders and Promoters and Siddharth Sonthalia, General Manager (TN), The New Indian Express Group, were present during the inaugural function.
With housing loans being offered by banks at the lowest ever rate and housing prices stabilising, the current time is a golden period for house buyers, experts said. “We are affording top priority for affordable housing by offering loans at 8.35 per cent,” one of them said. He said that now was the right time to purchase a property, with various missions such as credit-linked subsidy scheme under ‘Housing for All’ available.
R Kumar, Chairman and Managing Director, Navins, a developer, said, “As much as 85 per cent of the demand for housing projects comes from below Rs 25 lakh category. Hence, this is a opportunity for developers.” However, he identified a few challenges, namely the increasing cost of land and construction.
Since the housing sector now enjoys prominence, Sudhakar Vijayasarathy, an advocate, said RERA helps buyers as it brings in transparency and accountability.