Chennai Fairpro 2017 – On Firm Ground
The annual event Fairpro has generated a lot of interest over the years, offering advantages to buyers and sellers.
S SRIDHARAN, vice-president, Credai, Chennai, says the sector in Chennai is in for good times
Fairpro, has over the years, become a well-known annual real estate event. How it has evolved over the years?
How has this benefitted both realtors and buyers?
This is the tenth edition of Fairpro. As an annual event, Fairpro has established itself as an event that Chennaiities eagerly look forward to in order to realise their dreams of owning a place of their own.This has proved to a good platform for builders, customers and bankers to interact and close deals.
There is some amount of instability in the government now. How do you think this will reflect on the property market? And what do you think the future holds for it?
This is a temporary scenario and we are confident that a stable government will be formed soon.There will not be any long term impact.Housing is an essential need and there are a lot of end users waiting to buy their dream home. All we have to do is give them the right product at the right location at the right price. With the current rate cuts and the RERA on the horizon, customers need not have any doubts regarding this.
The budget this time has once again given a push for affordable houses (by granting infrastructure status to affordable housing).
How will this impact this segment of housing?
Infrastructure status will lead to simplification of the approval process for such proj ects and enhanced transparency. It will create clear guidelines and increase transparency in the segment.Developers will now be able to get access to preferential and lower borrowing rates from banks. Long term financing at lower rates will reduce cost of construction for developers allowing them to pass on the benefits to consumers.
What are the good areas to invest this year?
Traditional residential localities, with good connectivity.
a) The Chennai Metro Rail routes
b) GST and its suburbs c) Smart City
Is this a good time for investors to buy a property?
What are the factors that will guide this decision?
This is the right time to invest in real estate. Contrary to some media reports, there will not be any further drop in property rates. With RERA regulations coming in, it may actually increase the cost of the units due to stricter compliances.