(MENAFN- Khaleej Times) Bullish property investors and buyers on hopes of a dramatic upswing in india?s real estate sector after the on-going general election when a stable government is widely expected to come to power streamed in to have a look at the latest offerings from property developers in the country?s premium cities on the opening day of magicbricks.
the two-day show organised by india’s leading property portal has lined up over 150 projects from more than 30 developers in delhi gurgaon noida bangalore chennai hyderabad mumbai jaipur and patna.
a spokesman of magicbricks.com said the boutique exhibition drew crowds in the evening. “there is doubtlessly a sign of revival in confidence as investors and buyers hoped for a drastic upturn in property prices across india on the back of a host of anticipated favourable factors including a stable government pro-investor reforms improving macro economic outlook and foreign investment flow.”
the show provides an opportunity for investors to gauge the realty market’s current and future trends. — kt photo by shihab
the show at hotel le meridian on airport road offers a one-stop buying point for all types of property in varied budgets for those seeking to invest in residential and commercial properties in india’s tier one cities the spokesman said.
properties on display varied from apartments flats villasplots row houses second homes office spaces and retail shops by leading developers including spire group mantri developers and unnati fortune holdings. iconic projects include the 26-storey world trade centre in noida delhi; a range of developments in chennai; office retail villas and five-star hotel projects spread over 25 acres in noida from unnati fortune. smc realty hebron properties world trade centre pride indiassdpl limited investors clinic and mantri realty are among the sponsors of the event which will end today.
the show also provides an opportunity to buyers and investors to gauge the current and future trends in the property market by facilitating interactions with real estate developers property consultants and experts organisers said.
the spokesman of magicbricks.com — a high-end property portal that catersto a global market with its well researched online services — said given the overwhelming response received in last year’s edition exhibitors expect to see over 5000 visitors at the event.
according to realty consultant jones lang lasalle india residential prices are expected to raise 10-12 per cent during 2014 after a lackluster 2013 which was a drag for the indian economy with poor macroeconomic conditions. slowing income growth sustained weakness in the rupee sky-rocketing inflation and high borrowing rates combined to make consumers vary of spending. weighted average prices of homes across the country rose 10 per cent year-on- year during the first three quarters of 2013. but growth was skewed towards suburban and emerging locations as opposed to city sub-markets. rental values rose eight per cent during the period.
consumer confidence is expected to remain subdued in first two quarters of 2014 due to uncertainties surrounding general elections and macro-conditions. “however after the elections fence-sitting investors are likely to become active. the increase in absorption of residential units will help reduce the currently large inventory holdings of developers” jll said.
— issacjohn?khaleejtimes.com
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