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RealtyPlus Team  
Bangalore Realtors Discuss Business Issues

The fraternity of Bangalore’s realtors, an integral element of the city’s development and an important catalyst for the growth of the Indian real estate industry, had their annual BRAI meeting at the city’s Chancery Hotel on June 24, 2006. Comprising about 104 members, BRAI plays an instrumental role in Bangalore’s real estate development. The main objective of the body is to establish a code of ethics governing the members’ business conduct and practices, maintain high ethical standards of professional service, establish committees to develop better ways of providing services to the industry and to members and seek to standardize business practices in the industry. The meet was well attended by the members and the response was quite favourable. The topics discussed included “FDI investments coming into the country and the Opportunities therein,” “Corrections in the Stock Markets and How It Can Help the Real Estate Sector” and “Better Trade Practices Among Brokers.”

The speakers who shared their views on these subjects were office-bearers of BRAI including Farook Mahmood, president; Pradeep Joe, vice-president; Irshad Ahmed, secretary; Haseeb Noor, treasurer; N.R.B Garda, joint secretary, and also Ayub Khan and Sumithra Iyengar. The event saw the participation of almost 40 members.

Andhra Developers Point To Hurdles

The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) organised a national conference on “Real Estate Development in Andhra Pradesh --- Issues and Opportunities” in Hyderabad on June 27. Dr Y.S. Rajasekhara Reddy, Chief Minister, delivered the inaugural address.

At the conference, the realty developers in the state urged the government to remove the bottlenecks that are hampering faster growth and help them utilise the emerging opportunities in Hyderabad and elsewhere in the state. They cited as hurdles the soaring land prices, higher stamp duty, insufficient availability of credit for housing development and the new building norms.

According to Narne Ranga Rao, CMD, Narne Estates, the authorities had allowed only 20% area for residential development, leaving the remaining 80% for conservation. This created a shortage of land for housing projects in and around the city. Such policy constraints, in his opinion, restricts the growth of the real estate sector at a time when five million units are required to be built every year to meet the needs of a growing population. Further, he sought a single-window clearance mechanism for real estate projects.

Shekhar Reddy, president of Builders Forum, said shooting land prices triggered by government auctioning and the new building norms, combined with decreasing availability of bank funding, brought to a halt real estate projects which were affordable for middle income groups in the city. The cost of flats too went beyond the reach of average buyers. .

This event was an important part of ASSOCHAM’s nationwide campaign to promote real estate sector in India and effectively focus on the opportunities as well as the areas that need redressal. This was the sixth conference in the series, the last one held in New Delhi. The focus on Andhra Pradesh was timely since the state is at the forefront of real estate in the country.

20 Builders In Chennai Fair

A three-day Property Fair conducted by the State Bank of India was held at the Mayor Sri Ramanathan Chettiar Centre, MRC Nagar, in Chennai from June 23 to 25. About 20 plot developers and builders participated in the fair. They included Plaza, Sterling, Rajarathnam Constructions, Jain Housing and Heritage.

Customers who availed themselves of on-the-spot sanctions received a concession of 0.25% on the interest rate. Home loans were offered at 8.75% (floating) for above five years and up to 15 years, and at 9.5% for periods above 15 years and up to 20 years. Fixed rates were offered on loans up to 10 years at 9.5%. According to SBI Assistant General Manager (head of mortgages and sales) T Sivanandam, Velachery, Old Mahabalipuram Road and GST Road are fast developing areas.Many of the people making enquiries were from the information technology (IT) industry as they have a lot of disposable income.

Property Expo Draws Tremendous Response

Continuing with its commitment to provide the residents of NCR with trustworthy information on real estate, the Times Property organised a Property Expo in New Delhi on June 17 and 18. The Expo drew tremendous response from the end users, investors, builders and financial institutions.

The event was inaugurated by Omaxe MD, Rohtash Goel. Delhi’ites thronged the Expo to find answers to their housing queries. For instance, London-based Anindita Pal found a number of suitable investment opportunities at one place. For Brigadier AK Gakhar, it was a pleasant experience.

SVP Builders were upbeat with the enthusiastic response of house-seekers and expected a fair number of enquiries to be converted into final deals. Isha Batra working for the Niho Group said the company’s stall had been flooded with people. A spokesperson for the Purvanchal Construction Works was delighted by the number of enquiries at the firm’s stall.

Other builder groups which participated in the Expo were the Achievers Sudarshan Associates, Samiah Group, Emgreen, Yaksh International and Piyush Group, among others. The representatives of various housing finance companies — ICICI Bank-Home Loan, SBI, Indian Bank, and State Bank of Hyderabad --- present at the Expo had a very busy time.

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