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32000 Flats in Mumbai left Unsold

No Comments Sub Category:Awareness,Realty News Posted On: Nov 08, 2011

Real estate prices boomed in the recent times and the property buyers are nowhere interested to purchase one at this point of time. These reasons have left nearly 32000 flats in Mumbai city unsold. Its a fact that the fluctuating real estate rates are scaring the property buyers in the city. Also the real estate experts conducted a survey and traced that 30000 and odd number of flats are left vacant and even more astonishing fact is that these un-occupied flats today bear a price of Rs. 1 crore.

Pankaj Kapoor, CEO of Liases Foras, a leading non-brokerage firm reported saying that the property rates are being decided in a speculative manner, there is not even a single developer who is not realizing to what all these might end up with. Its a impossible that when a property buyer wants to buy a flat of Rs. 1 crore, the buyer should be earning minimum of Rs. 20 lakh for a month to get loan sanctioned.
Reserve Bank of India (RBI) at this point of time has restricted the lending norms and hiked the interest rates, this has bothered the buyer even more. However Paras Gundecha, president, Maharashtra Chamber of Housing Industry (MCHI) says that Mumbai is the costliest in terms of land ratings in the whole country and the delay in seeking permission from the government has become a major problem, he claimed.

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