Forest land or non-forest land... that henceforth would the foremost query in the mind of a person looking to buy a house in Mumbai or its neighbouring areas.
While Some Developers Would Be Hit Hard, Others Would Profit At Their Cost
MUMBAI: Forest land or non-forest land... that henceforth would the foremost query in the mind of a person looking to buy a house in Mumbai or its neighbouring areas.
Obvious result: realty prices in areas declared as forest land by Bombay High Court would plummet. There would not be any buyers for the ‘blacklisted’ stretches in Mulund, Borivili, Kandivli, Thane and other areas. On the other hand, property prices on non-forest land would skyrocket, say experts.
Most property brokers and real estate consultants feel that prices of houses on disputed land would be devalued by as much as 50 per cent. The owners’ of such houses are a worried lot. They have very little chance of finding buyers for their houses, and if one is lucky enough to find a taker, he will have to dispose of his property at a drastically reduced value.
While most builders refused to comment on the Bombay High Court order, some of the affected brokers vented their fury on the government. “Property prices will go down and deals might not happen at all. But the bigger issue is, what were the authorities doing all this while? People have bought houses with hard-earned money. Where will they go now? There is no logic in saying now that the buildings are illegal,” said Bhupendra Manek, a property agent from Thane.
But Joy Sanyal, of real estate consultant Jones Lang Lasalle Meghraj, took things in a larger perspective. “The blacklisted areas form just a minuscule segment of the Mumbai property market. Developers will not be able to sell residential properties in these areas as such a sale would be illegal. People staying on such land will have the right to sell their properties, at a depreciated value though.”
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