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RERA Effect: Property Prices Drop up to 40% in Mumbai
June 14, 2017
According to real estate stakeholders, the land prices in several areas of the Mumbai Metropolitan Regions (MMR) have started dropping since the advent of RERA, as it limits the developers in taking advance payments from the buyers for funding the projects.
In Navi Mumbai, the City and Industrial Development Corporation (CIDCO) also observed bids for land auctions lowered by as much as 40% in comparison to November. Launches in residential segment have also dropped by about 8%.
According to Manohar Shroff, vice-president, MCHI, Navi Mumbai, even demonetization hadn’t impacted the real estate sector as much as RERA.
