Unsold apartments mounting in metropolitan cities
The amount of unsold apartments are on the rise in the metropolitan cities. The main reason for this is believed to be the refusal of builders or developers to reduce prices.
A meeting called up in the light of reports of increasing number of unsold flats in cities such as Mumbai, it is found that allocation of fund meant for one project to be used to kick-start other projects by home developers.
The Finance Minister P. Chidambaram opined that when there is sufficient demand for dwellings in the cities, the presence of unsold apartments amounted to blocking of capital.
According to him, these flats should be a matter of concern for bankers who have funded the builders and developers and property buyers.
Experts say if the developers and builders cut down prices by 15-20 per cent, the apartments will be sold out. The sale of these unsold inventories could be a relief to the financial crunch in the real estate sector.
Builders and developers, finance minister P.Chidambaram, financial crunch, Mumbai, Property, Property Demand, Property Prices, Real-estate market, Residential real estate, unsold inventory
