By Rajinder Dogra
National Capital Region (NCR) real estate and property markets are resurging and experiencing an unprecedented growth, in large part due to the ritzy, upscale quality constructions that are springing up all over the area. At long last, builders and developers have begun to realise, Indian consumer tastes have matured, and tacky, makeshift offerings will not satisfy buyers. Demanding NRIs looking for an investment in India have also played an important part in changing the way builders and developers construct residential and commercial buildings. International standard constructions are beginning to attract buyers worldwide, not only end-users, but investors are also realising real estate is a smart investment option with big money to be made in the near future.
Buyer, investor, builder interest in the NCR region has caused property prices to jump from 60% to 200%. Lured by sustained economic growth, many NRIs have begun to view the NCR as an attractive investment destination. Their demands for high-end real estate investment encouraged a group of developers to take hold real estate exhibitions to market and exhibit their projects in UK, USA and Canada.
Domestic requirements for quality housing continue to compete with NRI demands, and builders have come up with a large number of differently classified offerings. As a result, buyers find it difficult to identify a suitable house for their needs. In order to address the problem, Times Property has begun to launch property expos at Pragati Maidan, central Delhi to enable buyers to select a house of their choice from the numerous options available on the market. Tremendous public response to the May 2005 expo saw prominent builders participate enthusiastically in the October 2005 fair.
A builder, housing loan providers and other real estate expo participants list was available to the public to make it easy to identify a suitable piece of property, and tie up for the cheapest loan available in the market with major banks, which were also took part in the real estate fair.
One of the banks, Indian Bank, a leading public sector bank launched a special scheme for visitors to the expo. They sanctioned on the spot loans without charging processing fees, and went a step further offering concessional interest rates of 7.25% for a 5-year loan and 7.75% for a 20-year loan to all who signed up for a mortgage at the expo. They, also, offered concessional rates for transfers of high interest rate loans from other banks to Indian Bank. Similarly, many other participants in the fair had numerous interesting products on offer at highly competitive prices.
With everything available under one roof, all property options there for you to make your choice, the expo makes a great browsing place for real estate investors or home buyers. NRI or Indian local, for an informed choice, do drop by at the next expo for a birds eye view of Indian real estate!
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