CREDAI-MCHI, a body of developers in Mumbai, has pegged the drop in sales booking at around 80 per cent in the February-March period this year. This is the second highest fall in residential sales in the past five years, after Q1, 2017, when the decline, due to the note ban, was 37 per cent.
Banks are not allowed to lend to developers for purchasing land parcels.
Markets such as Bengaluru and Chennai, which had managed to escape the impact of real estate slowdown so far, appear to be giving in now.
Real estate loans could become NPAs for banks.
Indian property markets are not in the pink of health.
Bengaluru saw a 23% decline in home sales and a 3% fall in prices.
Move to improve transparency but make liquidity more difficult to come by
The judiciary has started going beyond the technicalities of the agreements and awarding compensation to buyers.
HFCs and banks expect a drop in demand for housing loans in the short-term.
Locations such as Chembur, Ghatkopar, Navi Mumbai and Andheri will be the future growth centres.
While office and mall properties enjoyed revival and saw some big PE deals, residential real estate was hit by double whammy - stagnating prices and demonetisation
Gurgaon and Mumbai, the richest cities in Haryana and Maharashtra, respectively, have always been the preferred markets for investors. Most parts of these cities are beyond the reach for those looking for affordable homes.
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