This weekend, the city will be venue to the first CBRE property fair which brings close to 80 real estate companies and financial institutions under one roof.
And, with a new government elected with a clear mandate, stakeholders are predicting a revival of confidence among prospective buyers.
“The real estate market has been going through a tough time, but the market is going to improve in the next six to nine months, especially in south India,” said Anshuman Magazine, chairman and managing director, south Asia, CBRE.
Ajit Chordia, president, CREDAI, Chennai Chapter, said that the exhibition had come at the right time. “The government has announced a slew of confidence-building measures,” he said, adding that the second half of 2014 would see the market rebounding in full force.
On why they had chosen Chennai as the venue for their first residential property fair, which will feature over 250 housing projects, Mr. Anshuman pointed out that there was a large residential market here. In terms of price, too, Chennai offers competitive rates, and relatively, also has a much bigger mid-level housing segment, he said. Budget and mid-level properties find the most takers, he said, adding that they are looking at taking the property fair to Bangalore and Mumbai.
R. Kumar, chairman and managing director, Navin Housing, and Anil Nair, zonal director, DHFL, were also present.
The fair will be held at Chennai Trade Centre between 10 a.m. and 8 p.m. on May 31 and June 1.
