[INDIA REAL ESTATE NEWS] Good morning everyone I am Nidhi from KI-KME. Here I have important INDIA economic news to share with you which is as mention under.|
MUMBAI: The coronavirus outbreak has had a debilitating effect on the real estate industry with almost 65% flat purchasers defaulting on instalments since last week, said MCHI-Credai, the apex body representing over 1,400 builders in the Mumbai metropolitan region (MMR).
Worse, with the shutting of malls, there are already indications that retail tenants will stop paying rents to mall owners. This, in turn, will have a cascading effect as mall owners will be unable to service their loans to be paid to banks.
“Since June 2019, on an average 25-30% flat buyers of any project were defaulting on installment payment on the due date. However, after the outbreak of COVID 19 pandemic, the situation has become critical with almost 65% customers defaulting in paying their installments linked to construction,” said MCHI-Credai. There are 10,200 residential projects in the MMR registered under the housing regulator, MahaRERA, with a construction area of around 50 million sq ft.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/65-of-flat-buyers-defaulting-on-payments-mchi-credai/articleshow/74705454.cms
Have a nice day.