Tough Time for Mumbai Developers for Getting Project Approvals
Mumbai Developers have had a tough time getting project approvals since the Prithviraj Chavan government has taken over. Tardy approvals created a drag on Mumbai realty sales volumes and project launches. According to sources, officials of the government have been reluctant to utilize any of their discretionary powers. This has led to putting on hold major decisions on key policies, including permissible floor space index.
A slowdown in approvals may hurt the timeliness and profitability of key projects. Leading projects such as the Mumbai International Airport Rehabilitation, DLF’s Mumbai launch have slowed down and a final verdict on the mega Bandra colony redevelopment is yet awaited
According to sources,DLF’s Mumbai launch has been delayed. The project was envisaged with 4FSI in mind but now with the policy of the government unclear, its launch has been withheld. In pockets, lower launches are likely to impact an increase in prices as supply of new apartments has gotten curtailed.
According to CLSA, new launches have declined by 48% on a QoQ basis due to lack of approvals and affordability concerns. Sales volumes too have declined by 47% on a QoQ comparison. However, beginning April, companies like HDIL and Lodha Developers have launched one project each indicating regulatory hurdles may be finally letting up and new launches may resume in the near future.
Mumbai, Mumbai realty sales, permissible floor space index, Prithviraj Chavan government, Slowdown in approvals, Tardy approvals, Tough Time for Mumbai Developers
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