Rera effect : Mumbai property prices drop
DSIJ Intelligence / 06 Jun 2017
At the City and Industrial Development Corporation (CIDCO) land auctions in Navi Mumbai previous week, bids varied between Rs 65,250 and Rs 96,000 per sq m in comparison to Rs 1.15 lakh to Rs 1.25 lakh in November.
At the City and Industrial Development Corporation (CIDCO) land auctions in Navi Mumbai previous week, bids varied between Rs 65,250 and Rs 96,000 per sq m in comparison to Rs 1.15 lakh to Rs 1.25 lakh in November.
In what can be said as a clear sign of possible impact of Real Estate (Regulation and Development) Act (RERA) the City and Industrial Development Corporation (CIDCO) land auctions in Navi Mumbai last week saw 40 percent lower bids than in November. As there are limited developers with the ability to buy land with advance payments from customers as required by RERA the land prices in Mumbai Metropolitan Region have started falling according to leading national daily.
The Industry experts expect that the sector to witness a lull period for next six months on account of RERA and demonetisation spillover.
If this development augurs well for the property buyers then the prices can be expected to be reasonable going forward.
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