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The Rotary Club of Madras, in association with ICICI Bank Home Loans, is organising a mega property show titled, 'Prop World' once again for the benefit of home seekers in Chennai and the suburbs.

The four-day property fair, at the Rajah Muthiah Hall, Egmore, will be inaugurated by Jayanthi, IAS, vice-chairperson, Chennai Metropolitan Development Authority, at 11.00 a.m. on October 2. The fair will be open till October 5.

In sync with the booming real estate market in Chennai, particularly at a time where the concept of quality housing at affordable costs has been gaining ground, and with banks reducing interest rates making real estate properties affordable to the common public, 'Prop World' will be a very beneficial exhibition.

P Suresh, Chairman, Prop World, said, "The Income Tax benefits being offered by the government for the interest paid on home loans and the easy availability of home loans at highly competitive interest rates have kickstarted 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. Since such land is available only in suburban areas of the city, this is indirectly forcing the developers to promote such areas. This development is also an important reason as to why property and real estate have gained a lot of importance and 'Prop World' cannot be more appropriate any time than now".

'Prop World' will offer the people of Chennai more than 9,000 property to choose from at most competitive rates. This year, the expo is featuring over 40 builders from Chennai and Bangalore including Puravankara, Rennaissance etc. This will offer customers a choice of properties to choose from Bangalore also.

Further, explaining the aim of the fair, Suresh said, "Prop World is not just to offer dwelling units but to offer total solutions to the housing needs of the public".

This time also the principal associate, ICICI Bank Home Loans, will be offering a host of on-the-spot sanctions and additional benefits for customers. According to D Sudhakara Reddy, president, Rotary Club of Madras, "This year the club is celeberating 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 educaiton and vocational training of the underprevileged children of the Boys Town, run by the club.

'Prop World' will thus be a natural platform to showcase the importance of these projects. Last year, a part of the surplus fund generated out of the fair was given to Rain Centre for propagating rain water harvesting schemes to the general public.

'Prop World' would be open on all the four days between 10 a.m and 8.30 p.m.

ICICI Bank Home Loans, which is co-sponsoring 'Prop World', will be offering spot sanctions and additional benefits. A customer opting for spot sanction would be offered a discounted rate of 8 per cent instead of 8.25 per cent for a 6 to 20-year adjustable rate home loan. The customer will get an adjustable rate home loan for a tenure of up to 5 years at 7.75 per cnet. ICICI Bank will also refund half of the total fee charged if the customer takes disbursement before October 31, 2003.

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.

For further details please contact:

P Suresh, Ph: 2841 0691 / 98402 89000 - Prism PR: 52148566 / 52149231

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