Focus on affordable housing at CREDAI exhibition

Dream homes: Children look at pictures of housing models at the Reality Expo-2011 organised by the Confederation of Real Estate Developers Association of India (CREDAI) at Palace Grounds in Bangalore on Saturday. DH Photo

This year, the expo has more than 50 leading property developers and a handful of housing financial institutions participating.

Among the prominent builders which participated in the expo are Mantri Developers,  Sobha Developers, Puravankara, and August Ventures. The expo was inaugurated by Bangalore Development Authority Commissioner Bharath Lal Meena. Also present were Sushil Mantri, President CREDAI Karnataka, S Faisal Rizvi, Jt Secretary, CREDAI Karnataka.

Sushil Mantri said that with the recession of 2008-09 well over, the real estate sector in Bangalore was on an upswing again.

“Demand for real estate is at an all time high with customers looking for high quality housing”, he said.

He added that both luxury and affordable housing were seeing an upswing, with new projects launched almost one per day.

This year’s expo will continue last year’s focus on affordable housing as the real estate sector has rebounded significantly. The affordable housing segment is targetting prospective home owners who are looking at investing in the range of Rs 20 lakh to Rs 50 lakh.

Prashanth P, a teacher in Jayanagar, says that the affordable housing options seem particularly appealing this year.

Attractive offer

“I cannot afford to invest in the luxury apartments that are on offer, but the affordable housing options seem particularly attractive. Instead of shelling out a rent of Rs 20,000 every month, it makes more sense for me to purchase a house on a mortgage. At the end of it, I will own a house at least”, he says.

Joshua Samuel, a MNC executive, said he was also interested in some of the affordable housing options, especially on the higher end.

“Bangalore is still an affordable city compared to Mumbai or even Delhi. Purchasing a flat here is quite an attractive proposition”, he says.

The expo is being held on a 60,000 square feet airconditioned expo area at Gayatri Vihar, Palace Grounds. Besides offers from developers, the expo will feature financial
institutions offering housing loans.

There will also be seminars by banks, vaastu experts, and legal experts to answer the queries of prospective home owners.

For parents, a play area where they can leave their children with child care experts, has also been arranged.

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