THE depreciating rupee, although a worry for many in India, has left some people smiling. Especially Non-Indian Residents (NRIs) and foreigners - Singaporeans included - looking to buy property in that country.
And to ride on this wave, the Housing Development Finance Corporation (HDFC) is bringing in the HDFC India Homes Fair again this year. Slated to be held on Nov 24 and 25 at Singapore Expo Hall (4A), the fair promises to have around 50 developers exhibiting more than 200 projects and over 20,000 properties. This is HDFC's fourth edition of its property fair and the second time it is holding one this year.
Said HDFC Singapore head Rajan Tandon: "Our last two shows were conducted in the month of January in 2011 and 2012 respectively. Based on feedback from many developers as well as customers, we are holding the fair just before the December vacations this time.
"A majority of the NRIs here travel back to India in December and it gives them a chance for actual site visits for effective decision-making. For developers also, this gives them a better chance of actual sale conversions."
He added that the past fairs - the inaugural one was in 2009 - were greatly successful and had about nearly 7,500 walk-ins each. The upcoming edition will offer visitors the chance to pick from projects ranging in price, size and locations.
According to Mr Tandon, Chennai seems to be the most popular city for HDFC's Singapore clientele, followed by NCR (that includes New Delhi, Gurgaon, Noida, Greater Noida, Ghaziabad & Faridabad) and Mumbai. Going by this trend, developers from these cities have been invited along with others from cities like Bangalore, Pune, Hyderabad, Kolkata, Chandigarh, Jaipur, Lucknow, Kochi and Coimbatore.
In a bid to better serve the visitors, there will be HDFC staff members at the fair who can assist those who are unsure about property-buying rules in India or need help with their financing for the purchase.
"What we wish to do via such exhibitions is to provide an end-to-end solution. We have a lot of NRIs & PIOs in Singapore today who want to buy a property in India but they have obvious challenges of lack of time to find the right property, fear of getting into a wrong deal, fear of whether the property is legally and technically clear, whether they are buying at the right price, will he get a loan to buy this property. By holding the India Homes Fair, we are able to address all these regular concerns," explained Mr Tandon.
HDFC has a network of 318 offices in India in addition to international offices in Dubai - it has a presence in all the Gulf Cooperation Council - London and Singapore to assist NRIs in their home-buying process and provide housing loan and property advisory services.