CREDAI BENGALURU hosted the CREDAI Realty Expo on the 9th and 10th of March,2019 in wake of the newly announced GST Rate Cut. The GST council recently announced a significant rate cut for residential projects in the under construction and affordable housing segment.
Potential Home Buyers eager to invest in property rushed to various property developers after this development, curious to enquire the various options available in different locations in Bangalore.
With Bangalore being a premium end user market, the GST rate cut has generated more interest among prospective home buyers in the city. It was seen in the last 6 months that the demand in the Bengaluru Real estate markets has seen massive growth and will see a major upsurge in the coming days.
Looking at stats, the sale of residential properties in Bengaluru has risen by 35% in 2018 compared to 2017. The Department of Stamps & Registration, Bengaluru recorded a significant 20% rise in revenue just from property registrations in 2018 compared to stats from 2017.
With CREDAI taking this initiative towards helping home buyers Ashish Puravankara, President, CREDAI (CONFEDERATION OF REAL ESTATE DEVELOPERS' ASSOCIATIONS OF INDIA) Bengaluru said before the summit, “GST rate cut ushers in a new wave for home buyers. Especially for first home buyers this could act as a catalyst and bring them closer to their aspirations of being homeowners. The consumers who were currently sitting on the fence may also accelerate their home buying decision, as the current new rates are conducive and make the real estate market a very attractive investment proposition. The Bangalore market has predominately been an end-user driven market and hence steady, but now with the GST cuts we envision an era of rising latent demand and one of robust, sustainable and inclusive growth”!
Adarsh Narahari, Secretary, CREDAI Bengaluru further explained, “With the positive changes happening in the real estate sector, the residential sales in the city will increase. Our expo will help the home buyers who have already taken the decision to invest in the properties by offering them a plethora of options at different parts of Bangalore. CREDAI, along with financial institutions, offers a unique experience to the home buyers wherein they can make the buying decision with quick help from the developers and banks under one roof. This factor has always given good results to the CREDAI Expo.”
Specifying the benefits that will come out of this expo A Bimal Hegde, Chairman, CREDAI Expo Committee stated, “Our expo offers options between affordable to uber luxury housing. This is the best time for anyone to invest in the real estate as they can outlay their financial plan for the year. Also, with the GST rate cut and tax benefits offered in the union budget, there are multiple benefits for home buyers. Also, with such supportive decisions like the GST rate cut, developers can now think about launching the new projects in the city.”
In conclusion, this expo was extremely successful as the developers and financial institutions focused their efforts in addressing the requirements of prospective home buyers thanks to CREDAI for Bengaluru’s biggest Realty Expo of 2019.
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