Bhubaneswar, Jan. 3: Two major real-estate developers' groups have decided to put up two back-to-back property expos here this January with 6,500 homes ready for sale.
The Association for Odisha Real-estate Developers (Aford) today announced that they would hold their event between January 15 and 17, while the Odisha chapter of the Confederation of Real Estate Developers' Association of India (Credai) will organise a similar event from January 21 to 24 .
Aford will have nearly 1,500 houses ready for sale, while Credai will put up 5,000 more.
Aford President Umesh Pattnaik told The Telegraph that all the 37 members of the association would take part in the expo. This is the second time that Aford will organise a property expo in the state. "We have planned to provide a range of choices to the people with all kind of homes. About 10 banking partners, including State Bank of India, will be available to provide loan and other financial assistance to interested buyers on the spot," said Pattnaik.
However, keeping the slow growth of the real estate sector in mind, the association has planned to target buyers mainly in the middle-income group (MIG) and low-income group (LIG). The MIG houses will be priced around Rs 25 lakh, while the LIG units will come up at Rs 15 lakh.
"We have decided to target the low and middle-income groups of people. We have designed the properties considering the need of these groups of people," said Aford secretary Nishith Ranjan Nanda.
Ironically, the previous property expo of the Aford had been a failure. The association has put up nearly 1,200 houses on sale, of which they got a mere 200 bookings. "The real estate industry has been witnessing recession over the past few years. To boost the sector, we need to focus mostly on the lower and middle-income groups," said Nanda.
On the other hand, the members of Credai are gearing up for their property expo with focus again on the LIGs, MIGs and economically weaker sections of the society.
At present, the Odisha chaper of Credai has 30 real estate developers from Bhubaneswar who will put up the properties for sale. Credai has taken the help of social and other digital media for popularising the event.
"Our expo will be a pro-buyer event this year. A visitor can come, choose and get his or her house through on-the-spot finance from nearly 20 financial institutions. This is for the first time that so many banking partners will take part in the event. We will also create awareness about various properties on offer, their locations and the technology that is used in the construction," said Credai governing council member Dewa Shankar Tripathy.
The Credai event will not only involve buyers, sellers and financiers, but also interior decorators and civic officials who deal with housing regulations.
