Fairpro 2010 property expo to offer interest rate discounts

News Posted - 2010-02-22

Developers of over a hundred projects have agreed to bear two percentage points of interest costs for two years for spot-buyers of property at the Fairpro 2010 property expo.

Fairpro is an annual event organised by the Tamil Nadu chapter of the Confederation of Real Estate Developers' Associations of India (Credai). This year's event will be held between February 19 and 21, at Chennai Trade Centre in the city.

The event promotions tell prospective visitors to bring stuff such as cheque books and identity papers so that the (six) participating banks may sanction loans on the spot. On the loans disbursed before March 31, the developer will bear two percentage points of interest charges for the first two years.

For example, a buyer who gets loan of Rs 50 lakh disbursed before March 31, will save Rs 2 lakh in interest costs over the next two years.

As many as 250 projects covering about 20 million sq feet developed by close to fifty builders and worth Rs 3,000 crore are on display at Fairpro 2010. The interest subvention scheme, however, covers a hundred projects.

A lakh of people visited last year's Fairpro but this year, in order to discourage non-serious visitors, Credai is charging an entry fee of Rs 20 a person, Mr Sandeep Mehta, Vice President, Credai Tamil Nadu and Managing Director, Jain Housing and Constructions, told journalists of The Hindu group of publications, today.

However, for those seriously considering looking at property purchase, the expo has a lot to offer. There is, for example, a session on legal issues (Saturday, 3 pm), where a law expert will speak and answer questions. Noted Tamil debate moderator, Mr Salamon Pappaiah, will chair a debate (Sunday, 3 pm) on ‘apartment versus independent house'. A food court and a play area for kids have also been thrown in to offer a pleasant experience to visitors.

But a key feature of Fairpro 2010 is that the properties on sale will have no title risks. These properties have been vetted by either the legal departments of participating banks or by a law expert of Credai.

“We (Credai) guarantee clear title,” said Mr T Chitty Baby, President, Credai Tamil Nadu and Chairman and CEO of Akshaya Homes.

Source: Business Line 18/2/10