Mumbai has ₹4,000 cr worth of ready-to-move-in projects
With developers focusing on timely execution, over ₹4,000 crore worth of ready-to-move-in luxury residential inventory is available in the south and south-central zones of the megapolis as against ₹2,800 crore a year ago, say industry experts.
According to industry veterans, luxury residential projects worth ₹75,000 crore have faced delays up to seven years due to various reasons, including lack of timely approvals among others in the prime locations of the island city alone as of end March forcing all these projects to set fresh completion deadlines in their MahaRera listings.
“Construction delays happen due to several reasons, ranging from liquidity crisis, delay in approvals, litigations to downright mismanagement. Also, developers are declaring longer-than-usual timelines for completion due to Rera stipulations with some of them still unable to hand over the projects on time,” Anarock Property Consultants director AshutoshLimaye told media.
As per statistics, the ready-to-move in stock were worth ₹2,500-2,800 crore as of as of March 2018, which has jumped to over ₹4,000 crore as of March 2019, mainly due to faster execution.