Property expo in Mumbai leads to a flop show

Going by the dismal turnout of visitors on the first day of a property exhibition in the suburbs, it’s clear that home buyers would rather see a drop in real-estate prices, instead of getting taken in by the glitz and glamour of realty exhibitions. To make it worse, the venue — a suburban five-star hotel with all attendant security hassles — was a further deterrent, fuelling the popular perception that all that you get at exhibitions is showmanship.

And the few visitors who did turn up at the so-called premium luxury lifestyle exhibition found their worst fears coming true. Far from cutting prices in a depressed real-estate market, the developers announced unheard of prices for their under-construction as well as ready projects.

While one leading developer was quoting a rate of Rs8,800 per sq ft for an under-construction project at Thane, another was quoting a rate of Rs14,000 per sq ft for ready flats in Bhandup — and this was without including the add-on costs like society charges that builders slap at a later stage.

“There’s no logic behind the prices that the builders are quoting and there’s nothing of interest,” said PK Jain, a visitor who came scouting for investment opportunities, hoping to get some discount in the wake of the slowdown in the sector. The upper middle-class home buyers looking for a 2BHK in the Rs50- Rs75 lakh budget, for whom most of the properties are targeted, were conspicuous by their absence.

Not only the home buyers, but even some of the developers have realised the futility of laying out a red carpet, with a couple of leading developers reportedly pulling out at the last minute. And the ones participating are putting on a brave front. “Since it is a working day, there is a low turnout. We hope to get more visitors over the weekend,” said a representative of Godrej Group.