MUMBAI: With no sales, realty market in i nvestor- driven pockets of Panvel, Khargar, Ghansoli, Karjat and Kalyan is facing a slowdown.
The investors, mostly smalltime, have purchased flats at lower rates, expecting to make a killing.
“The sales have come to a standstill. Most of t hem have invested around three years ago, but there is no hike in prices. Investors fear the rates may drop further, leading to losses.
Exorbitant prices, lack of proper connectivity and scarcity of water are some of the reasons behind the drop in sales,” said Pankaj Kapoor, CEO, Liases Foras, a real estate research firm.
Ajay Chaturvedi, a real estate expert, said, “The builders promised the investors that the prices will rise considerably owing to the Navi Mumbai airport project and the trans-harbour link. But the projects are still on paper and the investors are seeing no tangible gains. Investors are giving discounts upto 30 % on the current value.”
Builders, however, beg to differ.
“It is true that the investors own a majority of flats in these areas, but they have been given out on rent. Many are waiting as they expect the prices to rise once the major projects take off,” said Manohar Shroff, secretary, Maharashtra Chambers of Housing Industry ( Navi Mumbai).
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