850 crore home loans pre-sanctioned at 29th CREDAI-MCHI Property Expo

Mumbai (Maharashtra), Nov 26 (ANI/NewsVoir): The 29th CREDAI-MCHI Property Expo was a witness to people from all over the city and state wherein they came to view the thousands of homes on offer by 120 plus developers.
Supporting the expo, the #AbNahiTohKab campaign on digital media and offline led to 26,000 plus people pre-registering to visit the Expo.
On the spot pre-sanction of home loans worth 850 crores were collectively approved by SBI, ICICI Bank, LIC HFL, HDFC, Kotak Bank, BoB, BoI, UBI, Aavas, Tata Capital and Axis bank, in only 4 days of CREDAI-MCHI Property and Housing Finance Exhibition at BKC, Bandra.
This was a result of exclusive discounts on interest rates and waiver of processing fees by most of the banks and HFIs at the Expo.
State Bank of India was the major contributor to the on the spot pre-sanction home loan figure. The expo witnessed great pick up in the pace of buying in the real estate industry and indicating the robustness of the industry, how it is growing again and also the demand from homebuyers.
Buyers who visited the expo were primarily looking to finalize their purchase within the next one to six months with Mumbai MMR Properties in focus.
With exciting offers and certainty in the minds of homebuyers, the 2019 MCHI Exhibition saw multiple participants and on-spot bookings of homes by various developers. Multiple site visits were also arranged during the four days of the property exhibition.
Popular locations and budgets
Powai, Chembur, Thane, Kandivali and other western suburbs, Nerul, Navi Mumbai were one of the most popular areas where homes were booked or site visits confirmed.
Additionally, plots in outskirts to Studio Apts, 1-2 BHKs in Mumbai to Spacious 1-2-3-4 BHKs in Thane and Navi Mumbai also received high interest.
Demographic and categories
Most of the serious buyers were young couples in their 30s with their parents and kids, followed by elderly couples and investors.
Day two and three of Exhibition witnessed a lot of police and government officials visiting the exhibition as aspiring customers for Mumbai MMR Properties.
Senior officials were seen advising young policemen and women to take a risk and buy their own home to avoid the struggle that they themselves faced earlier due to of shortage of quarters.
The Expo saw a special visit of 50 RICS students who were also judges for the awards by Exhibitors.
"We participate in the expo every year, but this time the attraction is more. Many customers have come because of two reasons. One, there was slack in the market but the market is picking up again. And second, the interest rate is also very low. A considerable deduction is done in the last one and a half years; so that is one area people should know is at the bottom. Buyers should take the right opportunity on long term investment at the right time," said Deepak Kumar Lalla, CGM, Mumbai Metro Circle.
"I think this is a great time for people who are looking to buy a home or owning a residence, considering the various options that this platform (CREDAI MCHI Property Expo) offers. It's a great time to buy in a city like Bombay," said a participant at the expo.
"You have a range of alternatives to choose, from affordable to luxury apartments and all the most renowned developers are under one umbrella as part of this MCHI exhibition. Often customers find it difficult to figure out the location they want to live in, the type of property they want to buy. Here's an opportunity for them to find all answers in one place and finally decide to purchase their dream home," the participant added.
"We saw an amazing amount of loans given this year, which makes it clear that homebuyers are keen and enthusiastic about home buying, and also shows that Mumbai MMR still remains a very high demand market. Indeed, the confidence level is coming back because of the great initiatives taken by the government to reduce interest rates and the MahaRERA initiative," said Pratik Patel, Chairman, Exhibition Committee.
"We saw great participation by Developers and homebuyers this year. More than the footfalls, the number of people who booked homes and site visits were quite high and encouraging. Buyers and developers both benefitted a great deal with this Expo, now we can look forward to better days for the industry in the coming months and years," said T.D. Joseph, Business Head, CREDAI-MCHI.
The expo was also online for the first time where people checked out the properties and offer online on www.mchihomes.com.
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