Real Time to Cut Realty Prices

On the other hand, developers are also spending lot of money to develop their projects. Obtaining permissions and approvals to construct a project takes time and developers face many challenges to secure it. During such time, the cost of holding the land to raise a project and the acquisition cost increases with time.

'Speedy approvals will curtail costs' said Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield, reports Business Standard.

Even though a large section is in need of housing, the sales of residential units have dropped across the country. The reason behind this major problem is the wide gap between the demand and supply of housing units. Although a lot many residential developments coming up in Indian cities but, the maximum of such projects are only affordable for high net worth individuals (HNIs) or upper middle income group, making the housing units unaffordable for maximum people who are in actual need of it.

For instance, NCR, Mumbai, Pune and Chennai have seen sharp increase in capital values this year, whereas, Kolkata and Hyderabad have seen stable property prices.

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