The Confederation of Real Estate Developers’ Associations of India (CREDAI), Chennai, is expecting to achieve over ₹300 crore of sales in the upcoming property and real estate exhibition “FAIRPRO 2023,” according to a CREDAI official.

“Prior to the Covid-19 pandemic, we clocked ₹300 crore in sales in one of the previous editions. This year we would definitely go beyond that,” said P Kruthivas, convenor of FAIRPRO 2023. 

He was addressing a press conference to announce the 15th edition of the annual property and real estate exhibition scheduled to be held during February 17–19. The three-day property fair will see 70 developers showcasing 15,000 dwelling units with properties ranging from ₹20-lakhs to ₹10 crore across different housing segments. 

Kruthivas said the previous editions of the property expo had only apartments, but this year’s edition will have plots, villas, and a variety of other real estate, and hence it is possible to surpass the previous sales records. 

In 2022, FAIRPRO Expo recorded a total sale and turnover of ₹170 crore through 224 bookings. 

Kruthivas, who is also the founder and MD of Pushkar Properties, said the rising interest rates have no impact on property sales at this moment. However, he added that the construction cost has gone up by ₹100-200 per sq ft due to rising raw material prices, right from cement to steel to wires and switches.

S Sivagurunathan, President, Credai Chennai, said, contrary to popular belief, the real estate industry has done well only when interest rates are going up. “If you follow the real estate industry in the last 30 years, the market goes up only when the interest rates are going up. It is one of the signs.”

Sivagurunathan added that property prices will go up by 20 to 30 per cent from the current levels.

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