Property show: Too many visitors, few buyers

HYDERABAD: The three-day TREDA Property Show-2014 came to a close at Hitex at Madhapur here on Sunday. About 180 stalls were put up at the exhibition where real estate developers, builders, housing finance companies, material manufacturers, suppliers and banks displayed their latest properties, products and services for prospective buyers.

Hyderabad Metro Rail Limited, the registration & stamps department, BSNL, GHMC, HMDA and Akshaya Patra were among many organisations which took part in the three-day event.

Though a large number of people visited the event on the three days, there were, however, not too many takers for the properties. 'Many customers have walked in, collected brochures and left. We haven't really had people come forward to purchase,' a realtor rued.

'Property shows are essential as they make people know what is happening in the real estate sector in their city. They are not just selling platforms but places for realtors to create awareness in consumers about the products.

This kind of a platform will provide good exposure to real estate companies and can also help enhance brand image,' said Y Kiron, CEO and managing director of Suchirindia, a real estate, infrastructure and hospitality company.

Suchirindia is promoting two villa projects _ Timberleaf and Odyssey _ the former near Shamshabad and the latter near ORR and close to IT companies.

Admitting that the market was sluggish, Kiron said it was bound to improve in the coming few months. 'This is the right time for people to invest as in the next two or three months, the market is going to boom,' he said.

Listing the challenges being faced by realtors, he said, 'It takes too long for us to get approvals. It can take up to seven to eight months or more and that highly inconveniences us. As a builder, your project is ready but you cannot sell it. In the meantime the prices may increase,' he said.

'Taxes are another burden. There are a lot of meaningless taxes imposed on realtors which can be avoided. For example, why should there be commercial tax in residential areas?' he asked.

However, while established companies like Suchirindia are happy with the market in the city, it's not all smooth sailing for newly-established companies.

'The real estate industry is dependent upon other industries. At the moment, not many jobs are being created and, as a result, investors are not coming forward. So, for a new company like ours to grow, we need other industries to flourish,' pointed out Mohan Krishna Yalavarthi, director of Vasantha Green Projects which is building villas near Hitec City.

Apart from showcasing villas, townships, open plots and towers, several companies are promoting eco-friendly houses. 'We want to be environment-friendly and are building a township with two natural lakes and lots of greenery,' claimed Abhimanyu Raj, manager of Saket Engineers Pvt Ltd, who are constructing their ambitious 'Bhu:Sattva' project near Gowdavally.

Despite poor bookings, the realtors were pleased to be part of the TREDA Property Show as it provided them a chance to meet customers. 'A sale may not happen straightaway but meeting people gives us an advantage,' said Siva Prasad, assistant manager at Rajapushpa, who are building 10 towers of 15 floors each near Gachibowli-Kokapet.

The buyers too were quite pleased to be able to interact with builders at the property show. 'What appealed to me is the sheer variety of projects. Housing is obviously a major decision and it's usually a one-time investment. So, naturally one would like to see all options available before taking a decison,' said Malathi Dharma who works at a pharmaceutical company.