Sales reduction leads to slow completion of residential projects in Mumbai
It is observed that the completion of many residential projects in Mumbai are delaying now a days.
Analysts says that the delay is due to the reduction in the sales in the property market.
It is reported that more than 65% of the projects are being delayed in a range of six months to three years.
There are a lot instances where the builders promised 2 years of completion time and at the end those projects are deferred by years.
As the sales rates are down, builders are unable to provide proper funding for the projects. So they are bound to defer the construction pace.
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Source : ExpressIndia
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