SBI Mega Property Show in Hyd from Feb 26

Hyderabad: Several events were postponed indefinitely in Hyderabad on account of the third wave of Covid-19 driven by the Omicron variant. There has been a long pending demand from builders' fraternity for conducting a property show, but the pandemic has ruined all the plans. As the number of cases has reduced significantly, again there is a buzz of events in the city.

India's largest home loan lender State Bank of India (SBI) also proposed to hold a property show in Hyderabad earlier, but had shelved the plan with the rise in the number of Covid cases in the city.

As things are improving now, the SBI has decided to conduct a Mega Property Show on February 26, 27 at Hitex Exhibition Hall taking all precautionary measures and following the Covid protocols. "City's 46 major builders will take part in the event, and each may have roughly 10-15 projects," said SBI Hyderabad GM (NW-I) Jogesh Chandra Sahu.

"The property show is likely to showcase around 500 residential projects in the city. These properties will be a mix of affordable, mid and luxury range. We have seen demand for larger living spaces these days," he said, adding that the bank is giving a waiver on loan processing fees and other surprise offers during the two-day event.

In order to speed up the home loan sanction process, SBI has so far on-boarded 335 projects in the city under builder tie-up. Out of these, 117 projects are on-boarded during this financial year. This process will increase the customer confidence as well as the brand image of the bank and project. This also reduces sanctioning time, eliminates cost of legal and valuation fees. Sahu said that SBI has been appointed as nodal agency for the Pradhan Mantri Awas Yojana (PMAY) and is taking the lead role in covering affordable housing loan schemes. For the last three years, the bank has sanctioned around 16,000 loans under PMAY and disbursed the subsidy of Rs 373 crore.