The Rotary Club of Madras and ICICI Home Finance Company
are organising a four-day property exhibition, Prop World,
at Rajah Muthiah Hall, Egmore, Chennai, from 2 to 5 October
Prop World chairman P Suresh: "The income tax benefits
being offered for the interest paid on home loans and
also the easy availability of housing loans at highly
competitive interest rates have kick-started the demand
in real estate. Also the government has offered income-tax
waiver on the income of a housing project under Section
80 IB (10) provided the project meets certain qualifying
parameters. This has resulted in builders going for development
of land in excess of one acre."
such land is available only in suburban areas of the city,
builders are developing properties in suburban areas.
The exhibition will showcase 9,000 properties (fully built
as well as under construction) developed by over 40 builders
based in Chennai and Bangalore.
Rotary Club of Madras president D Sudhakara Reddy: "This
year the club is celebrating its platinum jubilee year,
and is using the surplus funds towards the platinum jubilee
corpus fund. The Rotary Club of Madras will utilise the
income from the fund towards the education and vocational
training of the under privileged children of the Boys
Town run by the club."
will offer spot sanctions at a discounted rate of 8 per
cent for six to 20 year adjustable rate home loans. The
customer will get an adjustable rate home loan for a tenure
of up to five years at 7.75 per cent. All that the customer
needs to carry is his salary slip, six months' bank statement,
Form 16, age proof and a single cheque leaf for a spot
sanction," says ICICI Home Finance area business
head C Lakshmipathi.