by NR INDRAN / INT

Mumbai : Maharashtra Chamber of Housing Industry (MCHI), the representative body of developers and builders from Mumbai and the Mumbai Metropolitan Region (MMR) is organizing its Property Show – arguably, India ‘s only official Property show – in Dubai, U.A.E. from January 12 – 14, 2012.

MCHI’s India Realty Expo, 2012 – Dubai aims at providing a safe and secure platform to the expatriate Indians as they explore the vast opportunities available in the Indian real estate industry, especially in Mumbai and the Mumbai Metropolitan Region (MMR). Leading developers will participate, showcasing residential and commercial properties, plots and bungalows from across the MMR as also Mumbai’s nearby locations, said Mr. Paras Gundecha, President, MCHI. “MCHI has set up a Consumer Grievance Cell, this will add to the ‘safe and secure’ aspect of buying property for expatriate Indians at MCHI’s India Realty Expo, 2012 – Dubai,” he added. “This initiative is expected to make buying at MCHI’s India Realty Expo, 2012 – Dubai a truly safe and secure experience,” he added.

All member developers of MCHI who are participating in MCHI’s India Realty Expo, 2012 – Dubai are signatories to the Code of Conduct, which ensures transparency in transactions, said Mr Boman Irani, Hon Secretary, MCHI. “This is an important step, and it ensures greater transparency and safety for NRIs buying at the event,” he added.

Bandish Ajmera, Chairman, Exhibition Committee MCHI said participating developers in MCHI’s India Realty Expo, 2012 – Dubai have agreed to the exhibition-specific Code of Conduct, which will ensure greater transparency for NRIs who buy at the event. Ms Manju Yagnik, co-chairperson, Exhibition Committee, MCHI said this event-specific code of conduct takes into account the unique nature of an NRI buying property at MCHI’s India Realty Expo, 2012 – Dubai, and safeguards their interests.

Largely, NRIs buying Indian property have concerns about timely possession of the home booked as also getting all amenities and facilities as per the agreement signed. In a move that will re-assure property buyers from the G.C.C. and the U.A.E. at MCHI’s India Realty Expo, 2012 – Dubai, MCHI will ensure that participating developers sign ‘A Mandate of Assurance’, effectively promising home buyers at the event that they will deliver what has been promised, said Boman Irani.

The MCHI assurance will add to the safe and secure buying experience for the NRI who buys a home at MCHI’s India Realty Expo, 2012 – Dubai.  “This will bring in accountability as regards projects being completed on the dates promised in the promotional material or in the agreements. If there are delays in handing over possession, and if the customer has made all payments as mentioned in the agreement, the builder will ensure that the buyer’s interests are protected,” said Bandish Ajmera.

The MCHI will also stand by the buyer when it comes to the developer delivering all amenities promised in the agreement. “In the event that any such amenity or facility is not provided for, MCHI will take up the issue with the developer,” said Ms Manju Yagnik, co-chairperson, Exhibition Committee, MCHI. “All participating developers in the MCHI’s India Realty Expo, 2012 – Dubai have signed the MCHI Assurance, which means that they undertake to abide by the same. This will ensure that NRI buyers in the Gulf have a ‘safe and secure’ experience.”

Dubai being the leading  location in the U.A.E. for holding Indian Property Shows has been the deciding factor in making it the perfect venue for this property exhibition. Also, its location would give greater accessibility to Indians living in other parts of the G.C.C. to visit this exhibition as well.

The MCHI President said, “With the current scenario as regards global currency markets, expatriate Indians will find buying Indian property extremely lucrative. Real estate in Mumbai and the Mumbai Metropolitan Region has emerged as extremely attractive investment options for expatriate Indians, seeing the huge growth potential it offers. In line with the growing interest in Indian Realty, MCHI’s Property Shows facilitate an interaction between the NRIs, realty investors & developers, all under one roof, wherein they get to know firsthand the types of properties available, loan options & other formalities required, in finally procuring their property back home.”

“Indians living in the U.A.E. are among the well placed among the Indian Diaspora. The high-end expatriate Indian who is in the top level income group, has a high disposable income. With the current scenario in global currency markets making Indian realty very atractive, this seems an ideal time for them to invest in property back home. This would give them excellent returns at the same time giving a boost to the Indian economy” , added the Hon Secretary, MCHI.

Zubin Mehta, CEO, MCHI added, ” MCHI’s India Realty Expo, 2012 – Dubai is official, and is being held in Dubai in January 2012. The interest levels amongst NRIs has increased many-fold in the past few months. NRIs have benefited immensely through MCHI’s exhibitions, which are the only official Property exhibitions held worldwide & have bought peace of mind by making the right choice in purchasing properties from our shows. We are proud that we have played a key role in facilitating such a process for the NRI community at large & we strive for bettering this year.”

The MCHI Assurance

MCHI ensures complete transparency and assurance to the customers throughout the entire transaction and guarantee them the amenities and specifications as promised during the deal. In the event of any dispute regarding any booking done at MCHI’s Property Show, the consumer can approach MCHI to assist them in resolving the same.

Maharashtra Chamber of Housing Industry (MCHI), formed in 1982, is the most prominent and the only recognized body of Real Estate Developers in Mumbai and MMR.

MCHI brings together members dealing in Real Estate Development on one common platform to address various issues facing the Industry.

Members of MCHI account for 80% of Development of New Residential Accommodation and Commercial Properties in Mumbai and MMR MCHI helps both the Central and State Governments in meeting their objectives of providing housing, which is a basic  necessity.

MCHI has a strong Membership of over 1000 leading Developers in Mumbai and has expanded across MMR, having its own units in Thane, Kalyan -Dombivali, Mira – Virar City, Raigad and Navi Mumbai.

MCHI works towards raising awareness among the General Public, Real Estate and Construction Industry while providing them with detailed information on projects and new Developments in and around Mumbai and MMR.

MCHI is a Member of Confederation of Real Estate Developers’ Associations of India (CREDAI) the apex body for Private Real Estate Developers in India and is also affiliated with leading Industry Associations like CII, FICCI, IMC etc.

You can contact author @ [email protected]