Coimbatore: "The country's economic slowdown has not affected the real estate market in Coimbatore to a large extent.
Coimbatore: "The country's economic slowdown has not affected the real estate market in Coimbatore to a large extent.
Down turn is in certain pockets of the country but Coimbatore is doing just fine," stated Surender Vittel, President, Confederation of Real Estate Developers’ Associations of India (CREDAI) at a press meet organised by CREDAI. The media gathering was organised to make an announcement regarding 'CREDAI Fairpro 2019' which is to be held between September 13 to 15, at the CODISSIA trade fair complex.
S P Velumani, Minister for Municipal Administration, Rural Development and Implementation of Special Programme will inaugurate the fair on September 13 at CODISSIA Trade Fair Hall A. The 11th edition of Fairpro will be open to the public from 10 am to 8 pm and feature about 35 developers and over 100 RERA certified properties. The last edition generated Rs.150 crores business and this year it is expected to cross Rs.175 crores, according to the organisers.
Addressing the media, Surender Vittel said, " The event will feature homes starting from Rs.8 lakhs to Rs.5 crores. It is a platform for customers to know about the latest projects of Real Estate Developers from Coimbatore and surrounding areas like Tirupur, Erode, Salem, Madurai, Trichy, Chennai, Bangalore and Kerala. For the financing part, banks and financial institutions are available for Instant Loan approvals. The reduced rate of interest on housing loans by banks has created more interest in buying homes. The Pradhan Manthri Awas Yojana Scheme benefits can also be availed," he added.
In response to a query during the press interaction regarding the country's economic slowdown and its effect on the Coimbatore market, Surender Vittel said that the economic slow down had not affected Coimbatore market to a great extent. "There was a slowdown in new launches but that is not due to the economy. The building rules in Tamil Nadu changed recently. Developers were waiting since last year to get clarity about these new rules to get more benefits and to accomodate changes. Now that the Common Building Development Rules of the State Government is in place, new projects are coming up and we see a spurt in completed projects over the past few months," he opined.
Rajiv Ramaswamy, Secretary of CREDAI mentioned that 60 percent of the inventory had come down from last year. "Last year, if we had sold more in the premium sector, this year the segment where most sales would happen will change. It is not because of the economy but because of the change in the buyers' mindset. There is definitely a positive mood in the real estate market. As far as the developers are concerned, the new RERA rules have benefitted them which in turn would benefit the end customer. Maybe in a few other cities where large projects are announced, there may be a slowdown but the Coimbatore market is on a positive note," said a confident Rajiv.
Commenting on 'green buildings,' Rajiv stated that the concept was picking up and three projects from Coimbatore had got the green buildings certification."Since it is an expensive concept, generally there are not much takers but presently buildings are constructed according to RERA specifications and rules, which in itself covers most of the environmental aspects like LED lights, water recycling plants and so on," added Rajiv Ramaswamy.