A huge growth potential and a string of investor-friendly legislations offer Indian property buyers an ideal opportunity to be part of the country's growth story, real estate experts said at the opening of the biggest Indian realty exhibition in Dubai on Thursday.
With the Indian property market poised for a vibrant growth phase to reach $102 billion in 10 years, the time is ripe for investors to enter the market, property pundits said on the sidelines of Sumansa Exhibitions' flagship Indian Property Show, which opened in Zabeel Hall 5 of Dubai World Trade Centre.
Besides the bright growth prospects, the implementation of the long-awaited real estate bill is providing investors greater assurance on the safety of their capital while helping them make more informed decisions, said R. Srividya, General Manager, Corporate Sales & Brand Engagement, Sumansa Exhibitions.
"Investing in realty is no easy job, particularly for first-time buyers who have very little idea vis-à-vis rules, regulations and property laws among other related matters. This is where Indian Property Show provides them with the ideal setting to explore hundreds of real-estate possibilities and get free legal advice before zeroing on their choice as per their budget and needs," she added.
The 18th edition of the three-day Indian Property Show, inaugurated by Bollywood celebrity and the show's brand ambassador Arbaaz Khan, is showcasing over 40,000 properties and more than 500 projects of 150 real estate developers.
The exhibition, open from 11am to 8pm until Saturday, is expecting a footfall of about 15,000 people. Entry is free with a provision for free multi-storey parking and parking opposite Novotel, organisers said.
"Passage of the Real Estate Bill means a more vibrant, efficient and, most of all, more transparent real estate sector that is beneficial to both buyers and developers", said Ashwinder Raj Singh, CEO-Residential Services, JLL India.
"The biggest NRI community is based in the Gulf countries, accounting for the highest contribution to India's foreign revenue which plays a key role in nation's development. With a devalued rupee, the new RERA bill, 100 per cent FDI in real estate and government support for the sector's growth, there cannot be a better time for real estate investment," said Suresh Krishnan, President, CREDAI Chennai.
Leading exhibitors at the show include Prestige Group, Rajesh LifeSpaces, Lokaa Developers, Suntech India, Radius Developers, Godrej Properties, Sobha Developers, BBCL, Isha Homes, Asvini Foundations, DRA Group, South India Shelters, Newry Properties, Adani Realty, Lodha Group, Kanakia, Kalpataru, Wadhwa Group, L&T, Ozone Group, Mantri Developers, Goel Ganga, Rachana Lifestyle, Saarthi Group, Bombay Realty, Goyal Corporation and Ansal Housing.
Pranay Gupta, assistant vice-president, Sunteck, a Mumbai-based real estate development company, said they are showcasing projects in BKC, ODC Goregaon, Sion, Borivali, Andheri, Airoli (Navi Mumbai) among other locations in Mumbai. In less than 10 years, Sunteck has created a portfolio of 25 projects and is positioned as one of the most premium real estate brands in the country. The company has a delivery portfolio of seven projects totalling 2.5 million sq ft in a development cycle of seven years, said Gupta.
"NRIs have always been an important target segment for the Prestige Group. About 10 per cent of our customers are from this segment. We not only help NRIs in buying the right properties but have also set up a dedicated team to help remotely manage their properties. The services provided include rental, resale, management and upkeep of the same", said Swaroop Anish, Executive Director, Business Development at Prestige Group.
Sujith Sebastian, general manager, Residential Sales, Prestige Group, said the company offers investors and end-users a whole range of premium properties in some of the most sought-after locations in Hyderabad, Kochi, Chennai and Bengaluru.
Piyush Chawla, assistant vice president of Radius, said all their properties being showcased at the event offer investors better returns on investment as the country's property market is set for a big boom cycle. Santhosh Sharma, managing director of Lokaa, said at the heart of the developer's operations is well established systems that ensure world-class quality and service standards. Lokaa, which has completed 120,000 sq. ft of residential and commercial projects, is showcasing M-One, north Chennai's tallest residential tower in Madhavaram.
Pratik Patel, director, Marketing, Rajesh LifeSpaces, said the company has 13.5 million sq. ft of real estate projects under various stages of development in Chembur, Borivali, Bhandup, Dahisar, Andheri, Tardeo Vikhroli, Powai, Mulund and Karjat. Exhibition organisers said they have designed a special "Kids Area" at the exhibition. The expo also features Credai Chennai and Credai Maharashtra pavilions.
The interactive model of the exhibition allows potential buyers to address all their realty concerns, and provides them the opportunity of a direct meeting with developers. The exposure also gives visitors a crash course on the current trends in the Indian property market and the latest developments on the scene, organisers said.
Topics of the seminars include: Contextually relevant sustainable real estate, NRI guide to investing in India, Vaastudemystified, South India's residential real estate hot spots, Rera Bill and Legalities for buying a property in India, among others.
