Two-day 'Reality Expo' on Dec 8

Bangalore, Dec 5 (UNI) Forty-two reputed property developers and five housing finance institutions will participate in the two-day bienniel 'Realty Expo' to be held here from December 8.

Talking to newspersons here today, Karnataka Ownership Apartments Promoters Association (KOAPA) President Balakrishna Hegde said the two-day event would feature 160 residential properties without any clutter of other products to provide buyers a wide range of products.

Replying to a question, he said the current real estate scenario in India was on a high, especially Bangalore in particular.

The market, which had stabilised in last eight months, was mature with the composition being skewed towards actual users rather than investors in earlier years. This coupled with interest shown by Non Resident Indians and reduction in loan rates were showing a positive movement in the market during the last few months, he added.

He said Bangalore continued to be an attractive market with growth rate being maintained at a healthy 20 per cent. On an average 10 new proposals came up in and around the city every month.

He said foreign investment in a range of US Dollars 50 billion to US Dollars 100 billion were waiting to be invested in the sector in the country of which 70 per cent were towards residential purposes.

30 per cent of the investment was likely to be made in Bangalore alone, he added.

He said there was a huge potential available in residential market which unfortunately did not receive due attention because of high land prices.

The demand from the mid segment involving an investment of Rs 35 lakh to Rs 50 were around 50,000 units in the next one year and there were only 1,40,000 units under construction to be ready in next three years that too spread over all sectors, he said, adding, demand for high end segment would also increase in the coming days.

UNI