Developers participating at a real estate expo in Mumbai will be offering houses to home buyers with zero registrations charges and stamp duty.
Organised by CREDAI-MCHI, the apex body of the real estate industry of the Mumbai Metropolitan Region, this offer will be available to all buyers who make purchases during the three-day period of the event, that kicks off on Republic Day.
Over 75 developers are expected to participate in the event this year, compared to 68-70 developers last year. Based on the feedback received the association also expects more than double the number of units to be sold this year, compared to last year, at 300-400 units.
With the catch phrase “Zero is our Hero”, the intent is to take advantage of the ongoing demand for residential housing and give a boost to the momentum with the added incentive, that will result in a saving of around 6 per cent for the consumer.
Banks such as HDFC Bank and State Bank of India will be offering financing options. All the projects are aproved by SBI. While actual mortgage rates will be pegged to an individual’s CIBIL score, the floor rate is at aorund 8.35 per cent.
The value of houses on offer at the expo will range from around Rs 12 lakh to over Rs 10 crore, with those at the lower end of the range being in far flung suburbs that are part of MMR.
“Indian property has taken off in a big way,” said CREDAI President, Boman Irani who also heads Keystone Developers, which sells houses under the Rustomjee brand. He added that 60 per cent of the traditional wealth of Indians has been created out of real estate, underling the importance of this asset class for investors.
The event will be inaugurated by Eknath Shinde, Chief Minister of Maharashtra.