Developers seek out DCR on a prospective basis
Mumbai property market is experiencing hard times from past one year and adding to it the Mumbai Development Control Regulations or DCR guidelines, doled out five months back.
Developers and consumers are furious against the enactment of the new guidelines.
The Maharashtra government had amended the DCR regulations in February this year to bring more transparency in real estate transactions.
When the guidelines changed, the first reaction of realty firms was to increase the price of apartments. But that created new problems as consumers protested on paying more after sale deeds have already been signed.
Pricing is not the only concern but developers are also facing hard times in several other factors.
Real estate companies are asking the government to apply the rules in an eventual basis. They want these new guidelines to be applicable for only those projects that are yet to be launched.
Even real estate bodies such as Maharashtra Chamber of Housing Industry (MCHI), have been asked to give an opinion to the government on the matter.
To read more real estate news:
Mumbai sales market stagnates in June
ULCRA controversy still resumes
Source: Moneycontrol
DCR guidelines, enactment, Maharashtra Chamber of Housing Industry (MCHI), Maharashtra government, Mumbai, Mumbai Development Control Regulations, Price of apartments, Pricing, Real Estate Companies, Real estate transactions
