Navi Mumbai real estate market collapses

Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642

Dire economic situation and rising inflation has taken a heavy toll on the Navi Mumbai real estate market in the past 2 months.The proof of this collapse has come from the registration figures in the registration dept and the amount of new proposals being subimtted in the NMMC and CIDCO town planning dept.Developers are struggling for cash and coming up with creative schemes like 80:20 scheme wherein the buyer pays only the 20% booking amount and the rest only after the project is completed,hence the buyers avoid paying the pre-emi interest to the bank.Most of the builders only make inquiries and only submit proposals but do not make further payments to obtain approvals.Developers have no money to pay the fungible FSI fee.Fungible FSI is the additional money the developer has to pay for enclosed balconies,flower bed area etc.Earlier the builders used to get these areas free but after manipulation was detected by most of them,the BMC smartened up and started charging money for the same.This slowdown is the most significant in the past 2 years.One only needs to visit the registration dept in Belapur to witness the complete collapse of the market.The effect of this collapse is primarily in the…

WeCreativez WhatsApp Support
Send a whatsapp msg
👋 Hi, how can I help?