KOLKATA : Realtors in the city will use the forthcoming Credai-Bengal Realty Expo 2019 as a launchpad to revive their fortunes after seven years of slowdown. To be held between February 22 and 24, the expo is considered crucial in transforming the renewed consumer interest in the wake of sops announced in the interim Budget into actual sales.“A multitude of factors ranging from demonetisation to introduction of GST and implementation of RERA had dampened buyer interest. Sales have been slower and the number of launches had reduced as developers and customers were adjusting to these changes. A number of incentives has been announced in the interim Budget to revive growth. Projects in the state have also now registered with WBHIRA. The GST council is also expected to reduce the GST on under-construction apartments. All these should spur demand and improve sales,” said Credai-Bengal chairman Nandu Belani.Shrachi Group MD Ravi Todi, who is also the convenor of Credai-Bengal exhibition committee, is confident the event in collaboration with The Times of India will pique consumer interest as this is the first time that projects with WBHIRA registration will be put up for sale.“Exhibitions are inherently personal, first-hand experiences where the buyer has the scope to access the gamut of real estate developments in the city. The annual exposition will present a curated selection of real estate developments cutting across ticket sizes and property type. We are injecting freshness and novelty into the exhibition format and selling lifestyles here rather than just a brick and mortar house,” he said.The Centre has made several announcements in the interim Budget that favours the sector. The rebate on taxable income between Rs 2.5 lakh and Rs 5 lakh per annum increases disposable income that can lead to homes being purchased. It has given a decisive push to the second home market by announcing exemption of notional rent on second self-occupied homes. The rollover of capital gains tax on sale of houses has been increased from one to two houses, incentivising home buyers and investors to buy new properties. It has extended the tax exemption for developers in the affordable housing segment by one more year and this will lead to launch of more affordable housing projects. Also, the period for taxing unsold inventory has been extended up to two years, giving developers a relief.The state and KMC have also taken several measures. Additional FAR has been provided to green buildings, mass housing and buildings along Metro corridors. The process of building plan sanction has been streamlined through online submission and setting up of single window. Project assessment method for environmental clearance has also been streamlined.“After a long time, developers as well as consumers are gearing up for an expo with a lot of positivity,” said Alcove Group director and exhibition committee member Yashashwi Shroff. Arya Realty director Siddhant Arya, co-convenor at the event, said: “We expect a footfall of over 10,000.”

Stay updated with all the Kolkata Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.