100 MIG flats up for grabs in capital city

Bhubaneswar: Despite demonetisation, the Odisha chapter of Confederation of Real Estate Developers’ Association of India (Credai) aims to push more than 100 ready to move-in flats in the middle income group (MIG) sector during the upcoming property expo scheduled to begin at Janta Maidan here from January 12.

The inventory shares about 60 per cent of the total ongoing projects in and around the capital city, said Credai officials.

“We hope that the price range of these completed projects will suit our valued customers and we will be able to push these during the expo”, said DS Tripathy, chairman of Credai Orissa and member, Credai National Governing Council.

Tripathy said the realtors’ body hopes to see about Rs 100 crore on booking amount in the four-day event which concludes on 15 January. Last year the figure had touched Rs 200 crore mark, he mentioned. Around 25 developers will exhibit nearly 100 projects in the expo in which SBI is the main sponsor.

Though customers find it tough to beat the demonetisation blues, the developers believe that the Centre’s subsidy on affordable housing and recent rate cut by banks has revised the sentiments of the customers in favour of housing sector.

“The rate cuts on housing projects by banks will definitely encourage the customers to invest”, said Anil Johari, general manager, (Network-I), SBI.  The nationalised bank has a target of Rs 500 crore for the advances under the housing segment this financial year.

“We have already lent 60% of the target and hopeful to meet the rest by match 2017”, Johari stated. As many as eight other banks are participating in the event as co-sponsors.

Like industries, for standardisation of project prices in housing sector, the realtor’s body has decided to approach the State government to initiate ‘land banking’ concept in Odisha.