More than 200 Indian property developers across 14 states and 60 cities assembled at the Credai’s Indian Property Show that opened to public today (December 7) in Dubai.
The popular exhibition, featuring thousands of residential and commercial projects, has sparked further interest among property buyers following the recent reforms to promote transparency in the Indian real-estate sector, said the event organisers.
The event was inaugurated by Sultan Butti bin Mejren, the director general of Dubai Land Department (DLD); Vipul, Indian consul general to the UAE; Dr Arathi Krishna, deputy chairman, NRI Forum Karnataka, and Arbaaz Khan, Bollywood actor, producer and Indian Property Show brand ambassador in the presence of top Credai dignitaries.
The three-day property expo, which is open to all, is being held at Halls 7 & 8, Dubai World Trade Centre from 12noon to 8pm till December 9.
Besides property retail, visitors can also avail of offers for on spot purchase, flat discounts, free home through lucky draw on booking a property at the exhibition, complimentary tickets to global destinations.
Credai will also host Smart India Realty Meet & Awards veremony to acknowledge the leading developers and government institutions in UAE and India, banks, Dubai Land Department and UAE channel partners
Commenting on the sector’s growth, Jaxay Shah, the president of Credai, National, said: "This is a good time to invest in real estate in India keeping in view that the average rate of growth in prices has been more than 20 per cent per annum historically and likely to rise to as high as 30 per cent every year."
"Markets like Mumbai, Pune and Bangalore enjoyed appreciation in prices of around 15 per cent over the last one year. There is good news from smaller towns as well. Kochi is witnessing appreciation of more than 25 per cent annually as we speak," observed Shah.
Reiterating the sentiment, Shub Ganguly, senior VP, sales at Prestige Group, said: "Going forward, factors like rapid urbanisation, increased migration to cosmopolitan and Tier 1 cities, and the government’s focus on infrastructure and affordable housing will give the required impetus and push to the real estate sector."
"With transparency, uniformity in the sector, greater accountability and financial discipline for the developer, a uniform tax structure across the country and stable prices in the sector, there cannot be a better time to buy than now," he added.
The Indian property witnessed a wave of optimism following the implementation of Real Estate Regulation and Development Act, 2016 (Rera) and Goods and Services Tax (GST), giving buyers the confidence to invest in an industry that is now more organized.
For developers, too, the move ensures a cleansing of dubious elements, giving way to more quality projects and a proper framework to operate on.
On the reforms, Getamber Anand, the chairman and managing director at ATS Infrastructure Limited, said: "GST is to bring consolidation in the supply chain, promising to facilitate seamless and fast transfer of goods across the country, thus increasing the working capital availability. Rera, on the other hand, has made the realty sector safe for buyers."
"Now all the states and union territories in India will take their property records and registration online. This would ease the documentation process which usually requires multiple visits to the government offices. Since properties bought by NRI’s are highly susceptible to property frauds, by taking property records online, NRI investors would be able to keep track of their property without any hassle," he added.
“The optimism on the back of the reforms has infused trust in the sector among NRI realty buyers and we foresee a prolific growth in the industry in the long run,” remarked R. Srividya, the general manager, Indian Property Show.
"NRIs, particularly in the UAE, have been steady buyers of Indian real-estate, and the development will give it further boost. We’re also seeing an impressive number of developers from across India reaching out to expats, as evident by the turn out at the property show," she added.
The expo aims to display more than 1000 projects in a first ever large international exhibition where properties starting from 15 lakhs and above will be showcased.-TradeArabia News Service