This Deepavali, M. Someshwara Rao wanted to gift his daughter something that can last long. A retired corporate executive, Mr. Rao’s quest was fulfilled on Sunday as he booked a three bedroom apartment at Miyapur.
Belying the fears of a slowdown in realty markets, customers like Mr. Rao, turned up in large numbers at the third Andhra Pradesh Real Estate Developers’ Association (APREDA) Property Show-2012 held here on the weekend. The spacious venue of HITEX was packed with the visitors on Sunday in which more than 150 developers and 15 financial institutions participated. “The response for the event has been very good. Most developers did good business during these two days and more importantly, the event provided a venue for the interaction of potential clients and developers,” APREDA president P. Prem Kumar said.
As the customers had to drive all the way to the venue, only those who are genuinely interested in buying the property have come to the show, he said.
Echoing Mr. Kumar’s views, Srikanth Surapaneni of Mantri developers said that each stall had at least five bookings per day. “Majority of people who came to the show were interested in purchasing houses. There were even people who wanted to buy high-end property,” he said.
However, the bulk of the house bookings were done in the properties between Miyapur and Shamshabad, he observed. Most people were looking for a house between Rs. 40 and Rs. 60 lakh in these areas, and a majority of them were software professionals, V. Madhavi Lata from LIC Housing Finance added.
Reflecting Deepavali mood, the show too had a festive atmosphere as families drove to the venue. The Hindu is the media partner for the show.