GIHED CREDAI Property Show 2019: Lowest number of projects on display since demonetisation

“This year, the show will feature more than 150 RERA approved projects belonging to 65 developers. Of these, around 50 per cent are new projects,” said Ajay Patel, president of Gujarat Institute of Housing and Estate Developers (GIHED), state chapter of pan-India body, Confederation of Real Estate Developers Associations of India (CREDAI). The property show is scheduled to be inaugurated by Gujarat Chief Minister Vijay Rupani and his deputy, Nitin Patel. The new projects on offer will be largely located in West Ahmedabad in areas like Ghuma, Shela, Ambli and Bopal.

In June 2017, when GIHED organised its property show for the first time after demonetisation, there were over 200 projects belonging to 70 developers that were exhibited during the event where the then Union Urban Development minister Venkaiah Naidu was present. Similarly, in 2018, the exhibition showcased over 200 projects. Before demonetisation, the participation of the real-estate community in the property show used to be even bigger. In 2015, around 250 projects belonging to over 70 developers were on display.

Patel, however, downplayed the poor demand for real estate in the market. “Unlike Surat, where the situation is difficult, the Ahmedabad market is safe from slowdown… In fact there are 20 per cent more projects this year, compared to last year,” he said adding that the upcoming property show will exhibit projects costing Rs 35 lakh to Rs 5 crore in residential and commercial segments.

Members of GIHED also said that the government may finalise and announce the Gujarat Ownership Flats (Amendment) Rules, 2019, during the property show. The rules for redevelopment allows residential societies that are 25 years old or more to go for redevelopment. The Bill was passed in the Gujarat assembly in 2018.

Members of GIHED also said they will form a grievance redressal forum, which will act as a buffer between property buyer and RERA. “We will try to solve as many issues as possible through this forum of GIHED,” Patel added.