CREDAI Bengaluru joins hands with SBI; Announces Double Assurance Realty Expo on Feb 14-16,2020
Bengaluru, February 13, 2020: CREDAI Bengaluru, one of the most credible real estate bodies in state, has announced its association with SBI, India’s largest lender to organise Double Assurance Realty Expo from February 14 – 16, 2020 at SBI Local Head Office Campus, St. Mark’s Road. The expo will bring projects approved by RERA from 30 trustworthy builders under different categories and will provide the buyers with double assurance from CREDAI and SBI.
At the expo SBI will offer benefits like the lowest ever home loan interest rates at 7.09%, waiving off processing fee on home loans and interest rate subsidy up to 2.68 lacs under PMAY-CLSS. SBI recently launched the ‘Residential Builder Finance with Buyer Guarantee Scheme (RBFBG)’ that guarantees refund of the entire principal amount (maximum home price of INR 2.5 crore) if the developer fails to deliver the project within the assured timeline. The scheme is available in Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Hyderabad, Bengaluru, Pune, Kolkata and Chennai for SBI approved projects.
Bengaluru, over the last decade, has emerged as the hottest destination for all kinds of realty trends including luxury homes, smart and affordable homes, student housing, co-living for migrating millennials and co-working office spaces. Over 870 projects were launched in 2018, out of which 50% was in the mid-segment (INR 40-70 Lakh), 24% in affordable segment (below INR 40 lakh) 26% in the luxury segment (Rs 70 lakh and above). The city has bucked the downward trend that many other real estate markets faced with the introduction of RERA and roll out of GST. The potential appreciation makes Bengaluru one of the most preferred cities for real estate investments. Not only NRIs, but home-grown entrepreneurs and senior executives are also showing interest in investing in luxury and smart homes. The renewed interest in real estate investment coupled with recent cuts in home loan rates have prompted many emerging real estate players to introduce newer concepts, giving a boost to the sector.
Speaking on the real estate market in Bangalore, Mr. Kishore Jain, President, CREDAI Bengaluru said, “With the growing IT and entrepreneurial culture in the city, the demand for both affordable and luxury homes is on the rise. To keep up with this strong latent demand, developers are constantly innovating with unit sizes, smart and environment-conscious homes. The metro line and sub-urban trains are now attracting developers to build their projects in the peripheral areas of the city, which will address the problem of daily commute too. We are sure that through the Double Assurance Realty Expo, the market will see further positive reactions with the array of offers from our banking partner SBI.”
Highlighting on the collaboration with CREDAI and the offers from SBI, Mr. Abhijit Majumder, Chief General Manager, SBI, Bengaluru Circle, said, “We are happy to bring the Double Assurance Realty Expo with CREDAI for the Bengaluru home buyers. The growth and transparency in Bangalore real estate market encourages us to bring innovative offers at the expo, designed to empower buyers in taking an informed decision before investing in the property they choose.”
Commenting on the Realty Expo, Mr. Syed Faisal Rizvi, Chairman, CREDAI Bengaluru Expo Committee, said, “The expo will help the home buyers to reach out to all the developers under one roof. It will also offer homes ranging from affordable, luxury to uber-luxury, which are RERA approved. We are happy to collaborate with SBI and offer information on different projects along with the latest home loan details. We have made special arrangements for taking care and entertainment of children while the parents can do serious home hunting.”