Buyer sentiments in the Chennai residential realty market are getting better and there is a demand for houses in the range of ₹60 lakh to ₹1.25 crore as also for buying plots amid some challenges by way of rate hikes by the State government, said S Sivagurunathan President, Credai (Confederation of Real Estate Developers Associations of India) Chennai.

“In the last 6-7 months, sentiments improved in the market and there is an increased interest to buy homes. Also, unsold inventory is the lowest in the Chennai market in the past five years,” he said while discussing Credai’s upcoming flagship property and real estate exhibition Fairpro 2024, which will be held from March 8-10 at the Chennai Trade Centre.

Rise in sales

He said the industry was witnessing a rise in home sales. Property prices were also rising due to an increase in construction material and labour costs.

Fairpro 2024 will witness the launch of 40-50 new residential projects. More than 75 developers, who are part of CREDAI, will be displaying their properties and projects in the price range of ₹15 lakh to ₹15 crore. Overall, the 3-day event will showcase over 200 projects showcasing 32.5 million sq ft of apartment space, 0.25 million sq ft of commercial space and 325 acres of plots. The organisers expect 50,000 footfalls during the 3-day event.

As a curtain-raiser to Fairpro 2024, a home loan mela will be held from March 1-3 at Vijaya Mahal, T Nagar.

During this mela, there will be special promotions from bankers and lending institutions, wherein homebuyers can get their home loans pre-approved and avail of maximum funding. Some of the banks like State Bank of India are likely to extend some concessions on interest rates and processing fees. About 8 banks would be offering home loans.

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Ravi Ranjan, Chief General Manager-Chennai Circle, State Bank of India, said the bank would offer some special rates for the borrowers at the 3-day Fairpro 2024 event. “There will be concessions in interest rates and processing fees along with the promise of the fastest possible processing time,” he said adding, that SBI was providing home loan sanction letters in 3-5 days for the projects it has tied up with and the projects approved by RERA.

SBI has a network of 1265 branches in Tamil Nadu, of which about 400 branches are located in and around Chennai. It also specialised Retail Assets Central Processing Centres and every month 3500-4000 files are being processed in these centres. SBI’s total home loan size is close to ₹7 lakh crore, of which ₹65,000 crore comes from Tamil Nadu, about 9 per cent share in the total portfolio, said Ranjan.

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