Over 300 real estate projects put on hold in Mumbai: Survey
A recent survey by the civic authority has revealed that there are more than 320 real estate projects in Mumbai, both commercial and residential, which have been put on hold.
The data came up during a recent survey of mosquito-breeding sites in the city.
Majority of these projects, around 202, are in the western suburbs – Goregaon, Bandra and Andheri.
The projects are being halted due to two main reasons – dwindling property demand and recent changes in construction norms.
Whereas demand for property has gone down across the country, changes made to Development Control Rules (DCR) in October last year also turns out to be a major reason behind stalled projects.
The survey shows that the poor demand for housing units extends to even high-end homes in the city. According to a recent estimate, more than half of Mumbai’s luxury apartments, ready and under construction, have no buyers.
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Source: Times of India
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