Published & Updated as on - 2010-02-22
Developers of over a hundred projects have agreed
to bear two percentage points of interest costs for two years for spot-buyers
of property at the Fairpro 2010 property expo.
Fairpro
is an annual event organised by the Tamil Nadu chapter of the Confederation of
Real Estate Developers' Associations of India (Credai). This year's event will
be held between February 19 and 21, at Chennai Trade Centre in the city.
The event promotions tell
prospective visitors to bring stuff such as cheque books and identity papers so
that the (six) participating banks may sanction loans on the spot. On the loans
disbursed before March 31, the developer will bear two percentage points of interest
charges for the first two years.
For
example, a buyer who gets loan of Rs 50 lakh disbursed before March 31, will
save Rs 2 lakh in interest costs over the next two years.
As many as 250 projects
covering about 20 million sq feet developed by close to fifty builders and
worth Rs 3,000 crore are on display at Fairpro 2010. The interest subvention
scheme, however, covers a hundred projects.
A
lakh of people visited last year's Fairpro but this year, in order to
discourage non-serious visitors, Credai is charging an entry fee of Rs 20 a
person, Mr Sandeep Mehta, Vice President, Credai Tamil Nadu and Managing
Director, Jain Housing and Constructions, told journalists of The Hindu group
of publications, today.
However,
for those seriously considering looking at property purchase, the expo has a
lot to offer. There is, for example, a session on legal issues (Saturday, 3
pm), where a law expert will speak and answer questions. Noted Tamil debate
moderator, Mr Salamon Pappaiah, will chair a debate (Sunday, 3 pm) on
‘apartment versus independent house'. A food court and a play area for kids
have also been thrown in to offer a pleasant experience to visitors.
But a key feature of
Fairpro 2010 is that the properties on sale will have no title risks. These
properties have been vetted by either the legal departments of participating
banks or by a law expert of Credai.
“We
(Credai) guarantee clear title,” said Mr T Chitty Baby, President, Credai Tamil
Nadu and Chairman and CEO of Akshaya Homes.
Source:
Business Line 18/2/10
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