[INDIA REAL ESTAE 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.
Aurangabad: The real estate market is staring at a major crisis with promoters having
a tough time in complying with MahaRERA deadline amid the outbreak of COVID-19.
The slowdown in the real estate sector is going to affect the buyers as delays are likely
to creep in for the possession of their dream homes.
Around 300 ongoing construction projects in the city and outskirts could get delayed
by varying time frames as against the stipulated deadlines, CREDAI office-bearers said
The actual number of projects is expected to be more considering the construction
activities of non-CREDAI members.
Sunil Bedmutha, secretary of Aurangabad chapter president of Confederation of Real
Estate Developers’ Associations of India (CREDAI), said the construction activities were
almost stalled due to the current shut down. “The outbreak of COVID-19 was an
unforeseen crisis which has caught the builders and promoters off guard. Besides
slump in ongoing projects, the fresh booking inquires have been also plummeted in
an unprecedented manner amid shut down due to COVID-19,” he said.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/promoters-caught-in-maharera-and-coronavirus-crisis-possession-to-be-delayed/articleshow/74787365.cms