The 31st edition of India’s largest property Expo conducted by CREDAI-MCHI conveyed over the weekend. The grand affair was conducted at the Jio World Convention Centre, a shift from last year’s venue which was the MMRDA grounds at BKC. Exhibitors included prestigious builders such as Ajmera Group, Runwal Group, Piramal Realty, House of Hiranandani, Prestige Group and Adani Realty. Financial institutions such as SBI Homes, L&T Finance, ICICI Bank and Bank of Baroda also participated, offering a variety of home financing options and spot offers.



This year, the Expo took upon the theme “Zero is our Hero” which referred to the flat 6 percent discount being offered through a waiver of stamp duty and registration charges by all participating builders. The Expo saw a footfall of over 24,000 homebuyers over three days and sales of 185+ housing units amounting to over INR 350 crores in proceeds.



The current president of CREDAI-MCHI, Mr. Dominic Romell of Romell Group, was exuberant with the response and participation this year. Speaking to Prop News Times at the event he said, “The turnout of homebuyers at the Expo has showcased positive sentiments in the real estate industry. These were interested customers and hence could make the most of the various offers and discounts being given”. He commented upon the flexible payment options aimed at easing the EMI burden as well as other schemes, stating “We have designed special incentives for women home buyers to promote inclusivity and empowerment”.



Dhaval Ajmera, Director at Ajmera Realty, echoed similar sentiments. “In the city of Mumbai to have 7,500 visitors coming over the weekend, which was a long weekend, considering the Republic Day holiday, shows the seriousness of people to buy real estate. Real estate is the most important asset class for every person in India, but more so in Mumbai”, he said. He went on to highlight that within just 2 days, they Expo recorded 95+ transactions and over 105 crores rupees worth of homes being sold, which is a great outcome for any Expo.



The recent hike in interest rates do not seem to have deterred homebuyers or builders this season. Addressing the topic, Dominic Romell spoke about how the higher interest rates have affected buying behaviour but not necessarily reduced demand, “demand has not changed but the affordability has changed. So, a lot of people who can’t get a higher loan get affected by the affordability factor”, he said. He believes the rates should stabilize by mid 2024.



Speaking about government incentives and initiatives, Dhaval Ajmera strongly believes that government and RBI led incentive schemes and subsidies offered for real estate investments are boon because they boost transaction volumes. He went on to cite the example of a recent subsidy offered by the BMC, “Two years ago when the BMC declared a 50 percent discount on premiums, we saw the premiums earned by BMC increase threefold”, he said. “One real estate transaction directly or indirectly supports 250 or 270 plus industries in the country. So, what agriculture is in terms of employment to the rural economy, real estate is to the urban economy” he said, reiterating the importance and impact real estate industry has on the country’s economy.



Discussing builders’ expectations of volume v/s price, Dominic Romell said, “The 6 percent off on duties is a big amount for developers, but the developers are now looking at higher sales volume rather than profits from each unit sale”. He remains positive about steady demand, saying “the luxury market will not grow compared to the mid segment, because most of the houses being sold are less than 60m², which again is affordable housing”. He went on to say, “Right now the industry is looking towards scalability, not towards profit”. He elaborated that different areas have different thought processes and different price points. Therefore, to be competitive in such a market, builders have to focus towards scale rather than profit.



Discussing the positive effect of uptick in capex expenditure on infrastructure projects by the Central and State Government, Dhaval Ajmera said, “Infrastructure plays the most important role for any real estate project. In Mumbai, for instance, back in the days, Central Line and Western Line were the lifelines of Mumbai. And wherever infrastructure was growing, real estate expanded in a very, very positive and massive way in those areas. So, with infrastructure developments like coastal roads and MTHL, I think it is just going to become even better”.



Adding to this sentiment Dominic Romell said, “I think it’s a very welcome step and that is encouraging a lot of housing projects in different areas”. He also credited government bodies such as MahaRERA for formalizing the sector and assisting homebuyers, “MahaRERA has done a great job in making the whole sector transparent and uniform. It has increased trust and commitment in the sector for both developers and homebuyers. This combined with other initiatives like Make in India has made the real estate sector more quality-oriented now rather than simply focused on quantity”, he said.



In conclusion, the 31st edition of India's largest property Expo, organized by CREDAI-MCHI, proved to be a resounding success, showcasing the resilience of the real estate industry. With prestigious builders, financial institutions, and thousands of enthusiastic homebuyers participating, the event generated over INR 350 crores in sales. Despite challenges such as increased interest rates, the Expo recorded impressive transactions, emphasizing the unwavering demand for affordable housing. The positive impact of government incentives and infrastructure development further reinforces the promising outlook for the real estate sector.