Banking on the high number of projects on affordable residential properties being displayed at its upcoming property exhibition in Ahmedabad, the Gujarat Institute of Housing and Estate Developers (GIHED) is hoping to witness a conversion rate of 70 per cent. The apex body of organised real estate developers across Gujarat is organising its annual 'GIHED Property Show 2009' between September 11 and September 13, 2009.
"Last year due to slowdown the conversion rate of projects displayed at the property show was only about 50 per cent. This year, however, developers have reduced prices and are focusing a lot on affordable residential properties instead of luxurious ones. We believe this will help us to achieve a conversion rate of around 70 per cent this year. Moreover, there 500 projects to be displayed in the exhibition this year as against 300 last year," said Jaxay Shah, member of the steering committee for GIHED Property Show 2009 and director, Savvy Infrastructure Ltd.
While only 10 per cent of the projects will comprise commercial properties, most of them would focus on residential properties and plots. "This year, lower and middle income groups will be prioritised. Residential properties of 2BHK worth Rs 15-20 lakh and 3BHK worth Rs 30-35 lakh will be displayed a lot," added Shah.
Talking about the event, Suresh Patel, vice president, GIHED said, "This year another highlight of this show is of Ahmedabad Architectural Heritage exhibition to be held in Spain in October 2009. There will be special preview of this exhibition which will be showcased during the property show of GIHED."
Apart from developers, financial institutions like ICICI, HDFC, SBI and Axis Bank will also be present during the exhibition, Patel added.
