December 03, 2006

'India Property' show unveils real estate options back home

India Property-2006 Gulf, the three-day official real estate exhibition from India, was inaugurated yesterday at Sheraton Hotel by Ashok Kumar Attri, Indian ambassador to the Sultanate. The exhibition, featuring over 15 leading real estate groups from Mumbai, Navi Mumbai, Pune, Delhi, Bangalore, Kolkata, Gurgaon and Goa, hopes to tap the pockets of the non-resident Indians living in the Gulf region. The Indian ambassador also released the exhibition catalogue — India Property — on the occasion. The exhibition, according to officials, aims at providing accurate information to NRIs on real estate investment options back home. Organised by the Confederation of Real Estate Developers Association of India (Credai), the official body of the Indian real estate industry; and Maharashtra Chamber of Housing Industry (MCHI), India Property-2006 Gulf exhibition will also be held in Bahrain and Dubai in the next few days. Speaking to the Times of Oman, Zubin Mehta, chief executive officer of Maharashtra Chamber of Housing Industry, said that Credai had organised a similar exhibition in 2003 which had received a very good response. Based on the past success story and recent real estate trends in India, Credai decided to organise this second exhibition here, informed Zubin. "This is the right time for people for Indians to buy property as the market is good. Apart from the first timers, those who are looking for a second and third home as well as those who are looking for weekend retreats or even just as an investment, can find many retail properties in this exhibition," says Zubin. "As the second largest sector after agriculture in India, the real estate sector is a major contributor to Indian economy and with falling interest rates, it is as good a time as any for the domestic investor," says Zubin. According to Zubin, Credai also has checks and balances to prevent any real estate fraud like delay in possession or possession not given. Among the exhibitors is Akar Creations Private Limited from Goa, the tiny and beautiful coastal state located just an overnight road journey from Mumbai. Akar Creations, which has been in the real estate business since 1982, is exhibiting its Aquamarina project, worth approximately RO3.4 million and located at Colva in the southern part of this state. Talking about the property, Avinash Borkar, managing director, said that the project consisted of two apartment buildings, 31 row villas, nine independent villas and 20 shops set in 13,500 square metres of land close to the beach. "There has been a lot of demand from Goans in the Middle East and Indian citizens from Bangalore, Mumbai and Delhi," informs Borkar. The properties range from RO18,000 for a single bedroom apartment to RO63,000 for an independent villa. //Source: