CREDAI (Confederation of Real Estate Developers Association of India), the trade body of real estate developers, in Bangalore on Saturday inaugurated the CREDAI Bangalore Realty Expo 2011, being held at Gayatri Vihar in Palace Grounds.
The event showcases over 250 projects and brings close to 50 of the leading property developers in Bangalore and housing finance institutions to offer choices of homes at competitive prices to people.
The two-day realty expo was inaugurated by chief guest Bharat Lal Meena, commissioner of Bangalore Development Authority.
He said, “CREDAI has been extremely transparent and all its members have been forthcoming. We have seen that most developers plan their projects with innovation and technology, which makes the quality of their projects excellent.”
Sushil Mantri, president, CREDAI-Bangalore, said, "CREDAI Bangalore Realty Expo over the years has drawn a large number of potential customers who are looking to invest in prime properties across Bangalore from trusted developers. Carrying forward this high tradition, CREDAI this year is providing an improved platform for developers and banking institutions. The facilities and amenities for participants and visitors will set new benchmarks."
Mantri also appreciated the initiatives taken by the BDA in speeding up plan approvals.
When asked about the increase in the price of properties, Mantri said, “The key reason is because of the rise in input costs; steel prices have gone up by 4%, labour cost has increased by 2.5 times, and cement cost has increased by 100%. There is 20% increase in the input cost when compared to last year.”
“People's reaction has been very good so far. After recession, the real estate industry has picked up well. East Bangalore and North Bangalore are most sought-after areas for property investment,” said Konkeli, DGM sales of Brigade Groups.
Omar Sheriff of Skylark properties said, “Our aim is to collect database of people for our project. Realty expos such as these provide at least 10% conversion for us.” Kishore, an IT professional who visited the expo said, “Events like this provide a general idea of property rates in Bangalore. Post recession, the prices are pretty high and are no more negotiable.”