CREDAI Property Expo at Nashik sees over 15,000 visitors

The 3-day property expo which was organised by the Confederation of Real Estate Developers Association of India (CREDAI) at the Chopda Lawns along Gangapur Road at Nashik was a huge success with over 15,000 visitors and an estimated business of Rs. 5 crore with on the spot bookings. According to the organizers, the exhibition may generate sales of approximately Rs. 40 crore in the next few months.

Around 35 builders and developers showcased 107 residential projects with over 7,000 flats to visitors. Some of the builders and developers who participated in the expo includes names like Mahalaxmi Promotors & Builders, Shreeji Group, Nandan, Shree Yashashree Constructions, Krishna Developers, Bricks & Bonds, United Builders, Dhatrak Group, Parksyde, Karda Constructions, Suyojit, Madhoor Buildwell, Suyash Group, Ravi Mahajan Builders, Sachin Bagad, Surya Properties, Ashoka Realty, Bagad Properties, Om-Sai Buildcon, Ekta World, Malpani Group, Thakkers, Shraddha Land Developers, Jay Developers and many more.

“Our intent was to give 35 developers across the city an opportunity to showcase their properties to interested real estate buyers. The visitors had direct dialogue with builders, allowing them to clear their doubts and choosing their dream home in the location best suited to them. The exhibition helped us convert buyers on the verge of buying homes, into bookings,” said Sunil Kotwal, President, CREDAI Nashik.

“We got 35 spot bookings worth Rs 5 crore during the three-day property festival. We anticipate sales of over 100 flats worth Rs 35 crore in next three-four months,” he said, adding that the expo also helped CREDAI in creating a data bank of 15,000 visitors along with their budget and locations of choice. This data will be forwarded to all the association members for conversion of these enquiries into bookings.

Get new home this festive season

Buying a new property was hitherto out of reach for home buyers given the peaking real estate prices. The demand for realty therefore, has been stagnating. Despite this, no attempts to review prices have been made to lure buyers to the market again.

According to RBI Annual Report, the number of unsold properties have not only increased but there has also been a fall in number of new launches. The real estate sector has 48 months worth of unsold inventory which is very high. However, instead of lowering prices, they depend on the Central Bank to reduce interest rates.

Industry body Assocham, in a recent survey indicated that the residential market in Delhi-NCR is trapped with an estimated inventory of 1,70,000 units, while  data compiled by property advisory JLL India and Confederation of Real Estate Developers Association of India (Credai) shows 77,460 residential units across Mumbai, Thane and Navi Mumbai are lying unsold.

Realty experts opine that in order to clear the huge backlog, there is a scope of easing property prices especially in Mumbai & the National Capital Region.

With the festive season round the corner, developers are already providing different schemes and attractive discounts on residential properties. A further 10% discount or price correction on an average is expected in the market, states a report in the Asian Age.

While the RBI Governor Raghuram Rajan in the SBI Conclave highlighted the need for lowering realty prices to stimulate demand, Navin Raheja, the Chairman & Managing Director of Raheja Developers believes that any further price cuts are not likely.