Bhubaneswar: The CREDAI (Confederation of Real Estate Developers’ Associations of India) Odisha on Wednesday announced that its annual Property Expo-2017 would be held at the Janata Maidan here from January 12 to 17. This would be the sixth edition of the property expo.
Speaking at a Press conference, CREDAI Odisha chairman and CREDAI National Governing Council member DS Tripathy said despite the economy being in a slowdown mode, a good era is going to dawn in the real estate sector. The Central Government is giving priority to the sector and providing subsidy on loans up to Rs 9 lakh on affordable houses.
There is a requirement of 3.6 lakhs dwelling units in the twin cities of Bhubaneswar and Cuttack for Economically Weaker Sections (EWS) and Middle Income Group (MIG). But the Bhubaneswar Development Authority (BDA) and the Cuttack Development Authority should provide cheap land to private developers, said Tripathy.
He said that unlike other States, in Odisha land banks are not available for the realty sector.
He demanded that 20 per cent of the land under the Comprehensive Development Plan (CDP) be reserved for EWSs and MIGs for affordable housing.
But unfortunately, the State Government is helping only the big developers from outside the State at the cost of local entrepreneurs, Tripathy rued.
CREDAI Odisha president Binay Krishna Das said despite demonetisation the real estate sector would boom again. The bankers are flooded with funds and ready to provide loans at lower rates of interest. So, the EMIs would be low for the customers. He urged the real estate developers to be transparent and work with lesser profit margins.
CREDAI Odisha general secretary Shashi Sekhar Garabadu informed that 25 developers would take part in this expo with more than 100 projects for different strata of customers at different price ranges starting from `10 lakh to `40 lakh and above at different locations of the city.
The State Bank of India and eight other leading banks would provide finance for the projects. Besides, various constructions, interior decoration and other accessories would be on display in the expo.
SBI GM Anil Kumar Johri and Assistant GM Bijay Chakraborty also informed about the various lucrative schemes of the SBI for customers.