CREDAI fair begins in city; real estate players see big potential in Madurai

The three-day CREDAI Fairpro show began at the Tamukkum Convention Centre on Friday.

With over 40 builders showcasing their upcoming projects in and around Madurai city and neighbourhood and real estate developers displaying their residential plots with approval, the organisers are hoping to make it big in the next two days.

Speaking on the occasion, Jones Lang LaSalle Property Consultants India Head A Shankar said that there is a rising demand for well developed residential properties in Madurai, while the supply is low. There is abundant scope for builders to enter into the market here as major institutions such as AIIMS and a few more big ticket investors are looking at development on the Madurai-Kanniyakumari corridor.

Till a year ago, properties, which were selling for ₹45 lakh, are witnessing an appreciation. The very fact that the CREDAI show has properties from ₹3 lakh to ₹3 crore showed the graph moving upwards, he said and added that TN government’s Tidel Park near Maatuthavani is going to be yet another boom in the next five years for the housing sector.

Senior director Simon Thomas from JLL said that Madurai was growing steadily on medical tourism. Apart from the IT destination, the city is poised to expand along the NH 38 and NH 44 where there was huge scope for manufacturing units to come up as a hub.

With easy access to the VOC Port in Thoothukudi and Madurai airport set to expand in the coming years, Madurai would be looked as a most preferred destination for regulated investments, said CREDAI former State president and builder R. Illankovan at the inaugural session.

Yogesh from Energy Livingspace, a property developer and a stall participant said that there have been potential enquiries from the visitors on the first day itself. With major banks from the public and private sector in attendance, the loan sanction for individuals are processed swiftly for eligible customers. The banks are also giving number of sops for those taking it at the fair, he added.