Despite rise in costs, housing sector flourishes post pandemic

An interior designing stall at the CREDAI property show in Tirupati
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An interior designing stall at the CREDAI property show in Tirupati

Highlights

  • Builders say that the surge in material costs has put them in a tight corner of balancing their profits and customers’ aspirations
  • Three-day CREDAI property show provides a one-stop solution for the housing needs
  • Several bankers have also opened their stalls offering quick approvals of loans

Tirupati: Housing sector is receiving a big impetus post pandemic as many people are planning to own a house. The 3-day CREDAI property show which began here on Friday provides a one-stop solution for customers to make a right choice as they get ample opportunities at one place.

Several builders have opened their stalls to showcase the salient features of their ongoing and completed ventures. People can visit various stalls and collect brochures to make a comparison of various projects which will help them in arriving at a proper decision that best suits their needs. To woo the customers, builders have been offering a discount of Rs 200 - 300 per sq ft for those who book their flats in the 3-day expo.

On enquiry, a builder V Srinivas told The Hans India that they have been offering flats at a gated community at the rate of Rs 4,300 per sq ft. He said that they are anticipating huge demand during this auspicious Sravana Masam.

An enthusiastic buyer O Sreenivasulu said that he visited the expo to get an insight over different projects. He felt that the cost of the flats has increased by around Rs 1,000 per sq feet during the past one or two years due to the rise in material cost. The builders maintained that the construction has become a Herculean task now with the ever increasing material costs in which they find it difficult to balance their profits and meet the customer's aspirations.

Yet, the expo provides an opportunity for the customers by offering discounts on almost every product. The visitors can go through various stalls of marble, granite and tiles suppliers, ceramics, steel, PVC pipes, elevators, electrical items, PVC windows, decors, paints and a host of others who display various models among which the customers can make right choices.

Besides, several bankers and LIC housing finance have also opened their stalls offering spot sanctions for house loans to the needy. This can save the time of people as they need not go around one bank after another with all documents.

SBI DGM R Varadarajan said that they have tie-ups with several CREDAI members and when a customer chooses one property from them, their loan application can be processed within five working days. There will be no legal validation charges or other hidden costs. The rate of interest will be based on the CIBIL scoring.

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