CHENNAI: The city's residential sector could generate about Rs 25,000 crore in revenue selling about 40,000 units annually , feel developers affiliated to Confederation of Rea Estate Developers' Association of India (CREDAI).
Disputing the claims of most international realty consultants, who peg the volumes around 20,000 units per annum, city developers said the actual business in the residential sector was much higher going by the approval given to projects in the city and its suburbs by the Chennai Metropolitan Development Authority and Directorate of Town and Country Planning.
CREDAI members are coming together to monitise their stock at the annual property fair, Fairpro, which wil be held from February 19 to 21. Prospective buyers should not wait as CREDAI had worked out two attractive schemes for them, said Fairpro convener A Mohamed Ali. For under-construction projects buyers can book the apartments paying just 10% of the cost. They need not pay EMI till the apartment is comple ted and handed over to them.
In the case of ready-to-occupy apartments, buyers who pay the margin amount can take a one-year EMI holiday CREDAI will give an iPhone 6 to every person booking an apartment at Fairpro venue, he said.
Eighty developers are putting 300 pre-approved projects on display at their stalls. This is the ninth edition of CREDAI's property fair.
It will be held at Chennai Trade Centre.
About 21,000 visitors had attended the fair last year. It could go up to 25,000 visitors this year, said Ajit Kumar Chordia, president of CREDAI Chennai.
SOURCE: ETRealty.com
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