Tuesday, August 3

85% realty projects at home fair to be in ‘affordable’ segment

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Plug-and-play stalls will feature for the first time at the Credai-Bengal Home Front 2020 in association with The Times of India. Also, nearly 85% of the properties showcased at the fair will be in the affordable segment, unlike the edition in 2019, when around 60% properties were in the low-cost bracket. Real estate companies are firming up incentives, including discounts on spot bookings, to drive up sales. “Real estate companies showcasing their projects at the ninth edition of the event will simply be required to plug in, instead of setting up the entire stall from scratch. We are doing this to make participation at the fair cost-effective during a difficult time,” said Confederation of Real Estate Developers’ Association of India (Credai) Bengal chapter president Nandu Belani.

While most of the projects that will be showcased are located in the peripheral areas of Kolkata or in the suburbs, there will be select city-based offerings in the middle-income and high-income categories. In the first half of last year, only 627 units were launched. In the second half, however, a whopping 5,027 units were launched.

A study by international property consultant Knight Frank, released earlier this month, pointed out how apartment size in Kolkata had shrunk 11% in the past five years to fit the buyers’ pocket.

“We expect the fair to catalyse sales after three years of slowdown. All eyes are on the Budget where key announcements, including one-time restructuring of loans to the real estate sector, can kick start development of many stressed projects,” Belani added.

Sales have declined from 15,000-16,000 units per annum three years ago to around 12,000 units last year. Though sales went down by 12% year-on-year from 12,731 units in 2018 to 11,266 units in 2019, sales in the second half of 2019 was 9% higher than that recorded in the corresponding period of the previous year.

Credai West Bengal chapter president Sushil Mohta said he expected sales to be back on track and inch upwards.

The fair, from January 31 to February 2 at Netaji Indoor Stadium, will feature 47 stalls, covering a total exhibition area of 1,100sqm.

 

Source: Times of India

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