Our Bureau

The highlights of the HDFC offer during the exhibition would be special interest rates of 7.35 per cent against the current 7.5 per cent and concessional fees, spot approvals of home loans, lucky draws on registration every hour, special lucky draw on booking property at the exhibition, free property counselling services on housing and legal and technical guidance.

Pune , Oct. 7

WITH skyrocketing prices for land and residential complexes, Punekars, especially the middleclass, seem to be finding themselves in a quandary.

And housing being a major investment, making a choice is becoming difficult as most builders are now offering too many comforts as essential amenities.

To showcase all the property and residential complexes, which the Punekars can take a look and decide, HDFC is organising a three-day property show in Pune titled `Priceless homes'. This exhibition, which began today, would close on October 9.

Mr Keki Mistry, Managing Director of HDFC, who inaugurated the exhibition, said about 42 builders have come forward with 200 projects and would be showcasing 8,000 units of 1/2/3 BHK apartments, independent houses and penthouses.

These would range from Rs 7 lakh to Rs 1 crore. The area also varies from 450 sq ft to 3,000 sq ft.

These projects are in and around Pune starting from Aundh Annexe, which is close to Hinjewadi up to the Katraj ghats.

He said the highlights of the HDFC offer would be special interest rates of 7.35 per cent against the current 7.5 per cent and concessional fees, spot approvals of home loans, lucky draws on registration every hour, special lucky draw on booking property at the exhibition, free property counselling services on housing and legal and technical guidance.

Mr Mistry said the entry of the multinational companies and the outsourcing wave have led to greater employment opportunities being created in the city.

The IT/ITES sector including the BPO companies along with the retail stores and mega shopping malls and multiplexes have provided scope for present and future development of real estate not only in the city but also in the suburbs.

He said on the one hand, people were constantly going in for bigger homes or better locations while on the other, with the added influx of population pursuing job opportunities, the rental market was also growing.

He said that due to the attractive tax benefits available on home loans, customers with higher incomes usually invest in a second home with the purpose of renting it out.

The tax benefits on interest payment for rented property were over and above the tax benefits available for self occupied property.

An added incentive was that they could claim tax benefit to the tune of Rs 1 lakh on the repayment of principal amount.

Mr Mistry noted that though housing construction has been on the rise, according to the National Building Association research, there was a shortage of about 19 million units.

Another research had claimed the shortage to be 31 million units.

Mr Mistry looking at Pune disbursements added that the Pune branch has set a target of Rs 1,000 crore for the last fiscal and this year was looking at 40 per cent growth in housing loan disbursement.

© Copyright 2000 - 2009 The Hindu Business Line