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Breaking news: Most NRI buyers were glued to their TV sets lapping up updates of the attack in Mumbai, and gave the realty expo a miss | NRIs catching 26/11 attack news gave the event a miss
While hopeful builders from Mumbai and other parts of the country were in Dubai, showcasing their properties at the 'India Realty Expo 2008' from November 27 to 29, the 26/11 terror attacks played spoilsport. Most NRI buyers were glued to their TV sets lapping up updates of the attack in Mumbai, and gave the realty expo a total miss.
The turnout for the show, organised by Maharashtra Chambers of Housing and Industry (MCHI), was barely 1,100 in comparison to 3,000 walk-ins last year.
"We have seen a reduced response this year. The biggest drawback was that most NRIs in the UAE stayed at home worrying about their relatives due to the Mumbai terror attacks," said Zubin Mehta, CEO, MCHI.
Around 25 leading developers participated in the exhibition including Rustomjee, Neelkanth, Aakar, Kalpataru, Better Homes, GC Group, Kanakia, Godrej and Hiranandani. "However, despite the challenged sentiment of the overall market scenario in Dubai and the Mumbai crisis, the turnout was an achievement in itself," added Mehta.
Great fall
Another exhibition the 'Indian Property Show' (December 3-7) in Dubai, also saw a huge fall in the number of walk-ins. According to Sajeed Aga, Director, Sumansa group, the organisers of the show, this year there was a 40 per cent decline in the turnout.
"In our case, it's the global recession and not the Mumbai terror attack that was responsible for the downfall in the number of visitors. Money is the problem with most buyers at this time," said Aga.
Even the exhibitors aren't pleased with the response received at the exhibitions. Ajay Chautrvedi, an exhibitor at the Dubai exhibition, said, "Most NRIs are scared about losing their jobs as several companies are sacking staff. Therefore, investing in property is not a high priority. The terror attacks have also made them wary about investing in Indian properties."
Mumbai attracts more buyers
According to J S Augustine, co-chairman, International Exhibitions, MCHI. "Over 60 per cent of the walk-ins were Mumbai specific, and this created an opportunity for the developers to close few sales on the spot. The customers have had their initial dialogue with the developers and have shown keen interest to conclude the sales during their visit to India in this vacation."
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