Real estate developers predict that property prices in Chennai would rise by 10-20%.
“Property prices are growing as building materials and labour costs rise. Stock prices in the city have risen by 100-200 percent. Steel, cement, copper wiring, and switches have all grown in price, and developers will ultimately have to pass this on to clients,” stated P. Kruthivas, Convener of FAIRPRO 2023.
“In comparison to the previous five years, unsold inventory is at its lowest level. “New stock is being introduced around Chennai,” he noted. The Confederation of Real Estate Developers’ Associations of India – Chennai Chapter (CREDAI Chennai), the apex body of real estate developers, will hold the 15th edition of its flagship property and real-estate exhibition FAIRPRO 2023 from February 17 to 19 at the Chennai Trade Centre, Nandambakkam. The event will be inaugurated by Chief Minister M. K. Stalin. This exhibition will include over 60 developers displaying apartments ranging in price from 20 lakh to 10 crore. Customers will be able to select among villas, flats, apartments, and plots.
The Confederation of Real Estate Developers’ Associations of India – Chennai Chapter (CREDAI Chennai), the apex body of real estate developers, will hold the 15th edition of its flagship property and real-estate exhibition FAIRPRO 2023 from February 17 to 19 at the Chennai Trade Centre, Nandambakkam. The event will be inaugurated by Chief Minister M. K. Stalin. This exhibition will include over 60 developers displaying apartments ranging in price from 20 lakh to 10 crore. Customers will be able to select among villas, flats, apartments, and plots.
“All FAIRPRO 2023 projects have been approved and registered with the Tamil Nadu Real Estate Regulatory Authority (TNRERA),” stated S Sivagurunathan, head of CREDAI Chennai. A house loan mela will be held from February 10 to 12 at the Vijaya Mahal in T. Nagar, where home purchasers may receive loans pre-approved and maximum funding. FAIRPRO 2023 is being held by State Bank of India, Indian Bank, LIC Housing Finance Ltd, HDFC Bank, Canara Bank, and ICICI Bank. “On the spot, homebuyers would be provided a fair rate of interest,” M.Arumugam, Deputy General Manager, Field General Manager Office, Indian Bank, Chennai, stated.
R.Radhakrishna, Chief General Manager, State Bank Of India, Chennai Circle Head, further stated that interest rates for this FAIRPRO and house loan mela will be reduced, and that borrowers with a high Cibil score would receive additional incentives. CREDAI anticipates 40,000 attendees and a business of Rs. 300 crore this year. According to CREDAI data, there will be 224 bookings in 2022, with a total sales and turnover of 170 crore.
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