MCHI’s ‘Seal of Approval’ helps Property Show get fantastic response from NRIs in the U.A.E.
MUMBAI, January 10, 2011: Over the past few years, Non Resident Indians (NRIs) have come to accept the Indian real estate market as a thriving investment option, which provides good returns on investment. In keeping with this scenario, one of India’s most prominent representative bodies of real estate builders and developers, the Maharashtra Chamber of Housing Industry (MCHI) organized the ’14th India Realty Expo 2010′ at Renaissance Hotel, Dubai from December 9 to Dec 11, 2010, to cater the ever-increasing demand for Indian real estate from Non-Resident Indians.
MCHI’s 14th India Realty Expo 2010 was a ‘one-stop-shop’ for potential NRI buyers of Indian real estate, with over 25 Developers and four Banks & HFIs offering good buying and financial options. Over three days, the show had just over 3,000 families walking in to look up property options in Indian real estate. Commenting on the success of the exhibition, Mr. Sunil Mantri, President MCHI said, “We offered the MCHI ‘Seal of Approval’ during our property show, so that NRIs would be assured that all properties on offer were legally clear. It also meant that MCHI would stand with the NRI buyer as regards any promises made by the developer. In the unlikely event of such promises not being honored, MCHI would take up the matter on behalf of the NRI buyer. This MCHI ‘Seal of Approval’ made all the difference for NRIs looking at making the ‘buy’ decision at ‘MCHI’s 14th India Realty Expo 2010’,” said the MCHI President.
Close to 50 bookings were done during the three days, while developers who participated reported on-going follow-ups which are expected to fructify across the next three months. Appreciating this good response, Mr. Mantri further added, “It made a big difference, given that the ‘returns on investment’ (ROI) potential of Indian real estate is far better as compared to other similar options available to global citizens of Indian origin or an Indian expatriate in the U.A.E. MCHI had offered this ‘Seal of Approval’ during the event organised at the Bandra Kurla Complex in October, and it was appreciated by home seekers here. It was heart-warming to see a similar response from NRIs too.”
For NRIs in the United Arab Emirates, as also in the neighboring GCC countries, the Realty Show organised by the Maharashtra Chamber of Housing Industry offers one of the safest and most secure options to buy a ‘home, back home’, said Deepak Goradia, Hon Secretary, MCHI. “The HFCs and banks that participated logged a huge number of ‘serious enquiries’ from NRIs who will close their home finance search and begin the process of booking/ buying their ‘home, back home’,” he added.
MCHI’s ’14th India Realty Expo – 2010′ was inaugurated by Mr. Naresh Mehta, Consul, Protocol and Commerce, Indian Consulate at the Renaissance Dubai Hotel, on the 9th Dec 2010. Amongst those who welcomed him to the show were Mr. L. P. Bhagtani, Joint Treasurer, MCHI and Managing Director Jaycee Homes Ltd. and Mr. Zubin Mehta, CEO, MCHI.
Mr. Zubin Mehta shared with Mr. Naresh Mehta details on how MCHI had worked to create a market for Indian real estate in the Gulf, including Dubai, Bahrain, Muscat and Kuwait. “NRI’s have come to set a great deal of store and trust in the exhibitions organised by MCHI,” he added.
Mr. Naresh Mehta was visibly impressed by the wide range of properties that’s panned different budget options as also locations, which were on offer. While extending his best wishes to all the participants and hoping that it would truly be a very successful show, Mr. Naresh Mehta also congratulated the Maharashtra Chamber of Housing Industry for organizing such a wonderful property show.
MCHI’s 14th India Realty Expo 2010 was a ‘one-stop shop’ for potential buyers of Indian real estate, and it offered good options for both, buying as also finance options. The exhibition showcased many projects, with a price band that stretched from Rs. 5 lakh to Rs. 5 Crore, as also projects that offered possession within a short time frame.
Mr. Deepak Goradia added, “Offerings at ‘MCHI’s 14th India Realty Expo 2010’ included all categories of Indian residential real estate – including the newest, ‘affordable luxury homes’. These product offerings have been welcomed by resident Indian buyers, and were well received by NRIs too. To put it in the proper perspective, the NRI investors found an opportunity to explore the abundant options that India’s real estate has to offer at the exhibition.”
Mr. Boman Irani, Chairman, Exhibition Committee – MCHI, said new and developing locations on Mumbai’s periphery like Thane, Navi Mumbai, Mira – Bhayandar and Vasai – Virar – Boisar as also Kalyan – Badlapur – Karjat were among the locations that got a good response from NRI buyers and investors.
Among the renowned developers who participated were Acme Housing India Pvt. Ltd., Akshay Group, Akar Creations Pvt. Ltd., Bajaj Infrastructure Development Company Ltd., DB Realty Ltd., Disha Direct, Expat Properties, Indiabulls Real Estate Limited., Hiranandani Constructions Pvt. Ltd., Hiranandani Upscale, Jaycee Homes Ltd., K Raheja Corp, Kalpataru Ltd., KGS Developers Limited, Man Group, Marvel Realtors, Nahar Group, Nirmal Lifestyle, Our Town, Pathy Housing, Runwal Group, Rustomjee, Red Brick, Sanghvi Group of Companies and The Wadhwa Group who offered ‘intelligently planned homes’ that also gave great ‘value for money’ from different cities of India such as Mumbai, Pune, Bengaluru, Chennai and Goa.
The expo also provided good finance alternatives such as low home loan interest rates from banks and Home Finance Institutions (HFIs) like HSBC the co-organizer of the exhibition), HDFC LTD. (Platinum Partner at the exhibition) Kotak Mahindra Bank and Reliance Home Finance.
Considering the various Real Estate Investments opportunities available in India which it showcases, MCHI’s 14th ‘India Realty Expo 2010’, was a great success and helped the NRI’s choose the right property in India.
At the conclusion of the expo, Mr. L. P. Bhagtani commented: “MCHI’s 14th ‘India Realty Expo 2010’ provided Indian builders and real estate companies the ideal opportunity to court potential buyers and investors in the U.A.E. At the time of the expo, all the economic indicators projected a bright, sustainable future for India, and this was reflected in the number of enquiries that were handled by Indian developers from NRIs in the U.A.E.”