Left Menu
Development News Edition

850 crore home loans pre-sanctioned at 29th CREDAI-MCHI Property Expo

The 29th CREDAI-MCHI Property Expo was a witness to people from all over the city and state wherein they came to view the thousands of homes on offer by 120 plus developers.


850 crore home loans pre-sanctioned at 29th CREDAI-MCHI Property Expo
Police and Govt. officials visit to the CREDAI MCHI 29th Property Expo. Image Credit: ANI

Mumbai (Maharashtra), Nov 26 (ANI/NewsVoir): The 29th CREDAI-MCHI Property Expo was a witness to people from all over the city and state wherein they came to view the thousands of homes on offer by 120 plus developers. Supporting the expo, the #AbNahiTohKab campaign on digital media and offline led to 26,000 plus people pre-registering to visit the Expo.

On the spot pre-sanction of home loans worth 850 crores were collectively approved by SBI, ICICI Bank, LIC HFL, HDFC, Kotak Bank, BoB, BoI, UBI, Aavas, Tata Capital and Axis bank, in only 4 days of CREDAI-MCHI Property and Housing Finance Exhibition at BKC, Bandra. This was a result of exclusive discounts on interest rates and waiver of processing fees by most of the banks and HFIs at the Expo.

State Bank of India was the major contributor to the on the spot pre-sanction home loan figure. The expo witnessed great pick up in the pace of buying in the real estate industry and indicating the robustness of the industry, how it is growing again and also the demand from homebuyers. Buyers who visited the expo were primarily looking to finalize their purchase within the next one to six months with Mumbai MMR Properties in focus.

With exciting offers and certainty in the minds of homebuyers, the 2019 MCHI Exhibition saw multiple participants and on-spot bookings of homes by various developers. Multiple site visits were also arranged during the four days of the property exhibition. Popular locations and budgets

Powai, Chembur, Thane, Kandivali and other western suburbs, Nerul, Navi Mumbai were one of the most popular areas where homes were booked or site visits confirmed. Additionally, plots in outskirts to Studio Apts, 1-2 BHKs in Mumbai to Spacious 1-2-3-4 BHKs in Thane and Navi Mumbai also received high interest.

Demographic and categories Most of the serious buyers were young couples in their 30s with their parents and kids, followed by elderly couples and investors.

Day two and three of Exhibition witnessed a lot of police and government officials visiting the exhibition as aspiring customers for Mumbai MMR Properties. Senior officials were seen advising young policemen and women to take a risk and buy their own home to avoid the struggle that they themselves faced earlier due to of shortage of quarters.

The Expo saw a special visit of 50 RICS students who were also judges for the awards by Exhibitors. "We participate in the expo every year, but this time the attraction is more. Many customers have come because of two reasons. One, there was slack in the market but the market is picking up again. And second, the interest rate is also very low. A considerable deduction is done in the last one and a half years; so that is one area people should know is at the bottom. Buyers should take the right opportunity on long term investment at the right time," said Deepak Kumar Lalla, CGM, Mumbai Metro Circle.

"I think this is a great time for people who are looking to buy a home or owning a residence, considering the various options that this platform (CREDAI MCHI Property Expo) offers. It's a great time to buy in a city like Bombay," said a participant at the expo. "You have a range of alternatives to choose, from affordable to luxury apartments and all the most renowned developers are under one umbrella as part of this MCHI exhibition. Often customers find it difficult to figure out the location they want to live in, the type of property they want to buy. Here's an opportunity for them to find all answers in one place and finally decide to purchase their dream home," the participant added.

"We saw an amazing amount of loans given this year, which makes it clear that homebuyers are keen and enthusiastic about home buying, and also shows that Mumbai MMR still remains a very high demand market. Indeed, the confidence level is coming back because of the great initiatives taken by the government to reduce interest rates and the MahaRERA initiative," said Pratik Patel, Chairman, Exhibition Committee. "We saw great participation by Developers and homebuyers this year. More than the footfalls, the number of people who booked homes and site visits were quite high and encouraging. Buyers and developers both benefitted a great deal with this Expo, now we can look forward to better days for the industry in the coming months and years," said T.D. Joseph, Business Head, CREDAI-MCHI.

The expo was also online for the first time where people checked out the properties and offer online on www.mchihomes.com. This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

Smith, Philippe shine in Sixers seven-wicket win over Renegades in BBL

Steve Smith and Josh Philippe starred in Sydney Sixers seven wickets win over Melbourne Renegades in the ongoing Big Bash League BBL on Saturday. Smiths unbeaten knock of 66 off 40 balls and Philippes 61 runs handed the team a comfortable v...

Ace Group focuses on menstrual hygiene with newly launched CSR campaign Nirmalya

New Delhi India Jan 25 ANINewsVoir With an aim to spread awareness on menstrual hygiene among women, NCR-based leading real estate developer Ace Group in collaboration with the district administration of Gautam Buddh Nagar, launched an inno...

Uddhav Thackeray to visit Ayodhya on March 7: Raut

Maharashtra Chief Minister Uddhav Thackeray will visit Ayodhya on March 7, Shiv Sena leader Sanjay Raut announced on Saturday. Ayodhya mein jallosh March 7, 2020, Raut said in a tweet. Raut had announced on Wednesday that Uddhav Thackeray,...

Limited internet to be restored in Kashmir, no access to social media

Limited mobile data services and internet will be temporarily restored in Jammu and Kashmir from Saturday, ending nearly a six month communications lockdown after Prime Minister Narendra Modi withdrew the Muslim majority regions autonomy.Ac...

Give Feedback