The Hindu Business Line : HDFC 3-day property fair in Coimbatore opens today

Coimbatore, Nov 29 With the fortunes of the manufacturing sector, the backbone of Coimbatore’s economy, on an upswing and the city luring IT and ITES industries to set up shop because of the large talent pool available, Coimbatore is attracting real estate developers from across the country and HDFC is seeking to provide a meeting point to the developers and the home seekers by organising a three-day property show styled ‘Namma Veedu’ (Our Home) from Friday (November 30) in the city.

More than 20 developers would be showcasing their properties at the show and the buyers would have a wide range of properties to choose from in the price band of Rs 25 lakh to Rs 1.5 crore at the latest edition of the property show, which is the third to be organised by HDFC in the last five years here with the earlier fairs having been organised in 2002 and 2004.

The organisers are upbeat that the property fair would result in greater sanctions and disbursals compared to 2004 due to various factors such as higher disposable income and more properties on offer.HDFC sources told Business Line Coimbatore should be viewed differently from other tier two cities in the South like Mysore or Kochi in terms of investment in property since it is a well known industrial hub and is emerging as a top class healthcare destination because of the large number of quality hospitals.

It is strategically located with established air and rail links and the recent launch of direct flights from Singapore, Colombo and the Gulf have only enhanced its importance in the region.

Besides, the large number of professional educational institutions and the salubrious climate for which the city has been always known have made Coimbatore as one of the most livable cities in the country.

The sources said HDFC has brought together close to 23 builders who would be displaying a range of properties including apartments and individual houses. It was estimated that nearly 2,000 apartments and about 100 individual houses would be up for grabs at the show. Apart from offering special rates for properties booked at the fair, the builders would also help the property buyers for a spot visit to see the properties they are offering for sale. HDFC will have its personnel at the show who would offer prospective property buyers legal and financial counselling.

The sources said at the 2004 show, 160 enquiries for property purchase worth Rs 9 crore were received by HDFC and the amount of loan disbursed was about Rs 7.5 crore to 130 persons. This year more than 3,000 visitors are expected. Their optimism was based on various factors like the value of property on offer being higher, the eligibility for loans having gone up because of higher disposable income and a larger number of units being offered for sale. There was growing interest in the city not only for investment purpose but for actual living as well.

More Stories on : Housing Finance | Real Estate & Construction | Tamil Nadu

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K.V. Kamath is Forbes Asia Businessman of the year