Sale of 250 properties at Mumbai expo brings in Rs400 crore

Studio apartments, 1-BHK (bedroom hall kitchen) and 2-BHK houses accounted for 60% of the sale

The recent four-day Maharashtra Chambers of Housing Industry (MCHI-CREDAI) realty exhibition generated approximately Rs400 crore from the sale of 225-250 apartments.

Studio apartments, 1-BHK (bedroom hall kitchen) and 2-BHK houses accounted for 60% of the sale (FILE)

Studio apartments, 1-BHK (bedroom hall kitchen) and 2-BHK houses accounted for 60% of the sales, 3-BHK and onwards for 30%, while the contribution of bungalows and apartments in Gujarat and Uttar Pradesh was 10%. The prices were in the range of Rs11 lakh for a house on the outskirts of the city to Rs1.50 crore in Mumbai.

Tejas Vyas, chairman, exhibition committee, said, “Homebuyers are taking a plunge as there is a growing sentiment that this is the right time to buy. The Real Estate Regulatory Authority has also boosted their confidence, as they know they will get timely possession of their house.”

The exhibition saw a host of offers -- price cuts, exemption on goods and service tax (GST) and stamp duty, free gold coins, flexibility in payment schedules and lenient loans – to woo homebuyers.

Pratik Patel, director, Rajesh Lifescapes, said, “The discounts and schemes added to the momentum in the market, which translated into sales.”

Rajesh Lifescapes introduced prices cuts in the range of Rs28 lakh to Rs1.4 crore in its five projects.

Real estate expert Ajay Chaturvedi, said, “The schemes and reduced prices managed to lure those who have been sitting on the fence for years.”