Mumbai: Delivery defaults affecting investment decisions of potential home buyers
With delays in delivery of housing projects in Thane on the increase of late, home buyers are in a fix about whether or not to make property investments in the area.
The delay in delivery of projects is quite apparent from the fact that property experts, developers and brokers have acknowledged that the number of flats sold in the last one year has either plunged or is stagnant.
The increasing delivery defaults, along with rising property prices and high loan rates, have put prospective investors in Thane in a dilemma with regard to their property investment and purchase decisions.
Pointing out that large-scale delivery defaults have shaken the faith of potential home buyers, who seemingly cannot be convinced despite assurances of timely completion, a Thane-based broker said: “Ready-to-move-in properties are becoming the preferred choice of home buyers. Several developers have reported about 30 per cent more sale of their ready-to-occupy homes compared to sale of homes under construction.”
Nonetheless, despite the delivery delays hitting the ongoing projects, there has been a noticeable increase in the number of residential and under construction projects launched in the last eight months. During the mentioned period, the Mumbai Metropolitan Region (MMR), including Thane and Navi Mumbai, has seen the launch of approximately 10,698 units.
Source - The Times of India
