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Property fair to see deals worth over Rs.200 crore: CREDAI

Special Correspondent
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Buyers to get best price with participants promising special rate

(From left) CREDAI secretary Nandakumar, president T. Chitty Babu and Suresh Krishn, Fairpro convener, at a press conference in Chennai on Wednesday. — Photo: K.V.Srinivasan
(From left) CREDAI secretary Nandakumar, president T. Chitty Babu and Suresh Krishn, Fairpro convener, at a press conference in Chennai on Wednesday. — Photo: K.V.Srinivasan

With the real estate sector picking up, Fairpro 2011, the fourth annual mega property fair organised by the Confederation of Real Estate Developers' Associations of India (CREDAI), Tamil Nadu, from March 11 to 13 at Chennai Trade Centre, Nandambakkam, is likely to see transactions worth more than Rs.200 crore, its president T. Chitty Babu told a press conference here on Thursday.

He said the major advantage of this fair would be total transparency. “All the projects on display will be in total accordance with rules and regulations, as all the 53 participants have signed a code of conduct. Besides, there is a grievance redress mechanism.”

There will be an array of 250 properties in the range of Rs.15 lakh to Rs.5 crore.

Suresh Krishn, convenor of the fair, said identification of properties could be simple and fast as they had been listed area-wise and price-wise. “The buyers will be able to get the best price, as all participants have promised a special rate for these three days. Most importantly, after the purchase, you can have 100 per cent peace of mind.”

To a question on the current realty scenario in Tamil Nadu, especially Chennai, Mr. Chitty Babu pointed out that Chennai is listed among the three cities in the country that are the fastest growing.

During the past two quarters, projects announced envisaged a total cumulative eight to 10 million sqft of residential space. The purchasers were not only been from Chennai but also various parts of the country. The prices had declined considerably. “However, the city volume is less in that category.”

He admitted that the luxury segment which was, of course, far smaller in number, was absorbed in no time.


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