The Maharashtra Chamber of Housing Industry’s (MCHI) 14th India Realty Expo 2010 saw non-resident Indians (NRIs) making a beeline for residential properties from 25 exhibitors yesterday. Friday, despite being a holiday, had the show see a large number of walk-ins, with NRI couples eagerly looking up and evaluating options. Participating developers and banks have reported receiving “solid enquiries” and many expect deals to be closed. “We have always had a very good response from prospective home-buyers in Dubai,” MCHI CEO Zubin Mehta said. “This is our 14th Show in Dubai in the context of our real estate exhibitions, and Dubai is a key NRI market for Indian realty,” he said.
MCHI, he emphasised, has pioneered the concept of official representative real estate shows, and other associations have followed the path that we have opened up. Over the years, NRIs have considered Indian real estate market a thriving investment destination with good returns on investment. Considering this scenario, one of India’s most prominent body of real estate builders and developers had organised the 14th India Realty Expo 2010 at the Renaissance Hotel in Dubai to cater to the ever-increasing demand for Indian real estate from NRIs.
MCHI’s 14th India Realty Expo 2010 was a one-stop shop for potential buyers of Indian real estate. Over 25 developers and four banks and HFIs offered good buying and financial options. “We offered the MCHI ‘Seal of Approval’ during our property show, so that NRIs are assured of the fact that all properties on offer are legally clear, and MCHI stands with the NRI buyer as regards any promises made by the developer. In the unlikely event of such promises not being honoured, the MCHI will take up the matter on behalf of the NRI buyer,” MCHI President Sunil Mantri said on the show’s success.
“This MCHI ‘Seal of Approval’ makes all the difference to an NRI looking at making the ‘buy’ decision at MCHI’s 14th India Realty Expo 2010. It makes a difference, given that the returns on investment potential of Indian real estate is far better as compared to other similar options available to global citizens of Indian origin or an Indian expatriate in the UAE.”
“At MCHI’s 14th India Realty Expo 2010, the offerings will include all categories of Indian residential real estate — including the newest, affordable luxury homes. These product offerings have been welcomed by resident Indian buyers. To put it in the proper perspective, the investors found an opportunity to explore the abundant options that India’s real estate has to offer at the exhibition. In keeping with the ‘realistic offerings’ set-up, the exhibition also focused on ready-to-possess homes, valued in the Rs70 lakh to one crore range,”MCHI Hon. Secretary Deepak Goradia said.
“Prices have corrected to reasonable levels over the last year and half, this makes it a win-win scenario for those who enter the Indian real estate market now onwards, as they will get good returns. Even those who had invested during the boom times will see a steady recovery and growth in their investments — albeit over the next few years. New and developing locations on Mumbai’s periphery like Thane, Navi Mumbai, Mira-Bhayandar and Vasai-Virar-Boisar as also Kalyan-Badlapur-Karjat should see better returns for investors,” MCHI Exhibition Committee Chairman Boman Irani said. Visitors who had registered at the expo were eligible to get a unique discount code, which is valid on Jet Airways tickets to India, subject to conditions. This is a step further in terms of “customer delight,” Mehta said.
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