On Thursday Dusshera day, Greater Mumbai recorded only 23 registrations of properties.
All that glitters is not sold. Despite media blitzkrieg of realty players exhorting the buyers to book their dream homes on the auspicious day of Dussehra, the ground registration indicates towards a gloom. On Thursday Dusshera day, Greater Mumbai recorded only 23 registrations of properties.
As per the compilation by the state department for stamps and registration, of the 23, 5 were registered in the island city of Mumbai, 4 in Andheri and around, 14 in Bandra and Mahim. The Borivali zone, which has emerged as a haven for new realty projects, consisting of Goregaon, Malad and Dahisar areas recorded zero registrations.
Knight Frank ED Gulam Zia told DNA, “The real estate sector is struggling to regain the confidence of the buyers but instances like SC coming down heavily on a few developers, RBI cracking the whip on banking sectors and housing finance companies, stock exchanges not warming up to realty, NBFCs coming under clouds are only making it tougher by the day for developers fraternity to woo the buyers.” Zia argued that home buyers need a stable reliable and dependable industry which still seems elusive.
The Builders Association of India’s infrastructure committee chief Anand Gupta said the sentiments of property buyers towards real estate are all time low especially due to lack of adequate corrective action from the government to boost the sector. “GST continues to be the most negative factor. From no regulation to extreme regulation under RERA regime is another big hurdle and demonetization impact is still visible,’’ he noted.
ANAROCK Property Consultants chairman Anuj Puri said the way forward for Mumbai’s real estate market lies in affordable housing.
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