With a festive season on, city builders have planned to clear their old unsold flats estimated to be 3000 by December end. According to Confederation of Real Estate Developers Association of India (CREDAI) Nashik, new projects will be costlier by Rs 300 per Sq ft from next year. Hence, they have set target to sell all old stock at present rates
There are close to 800 small and big developers in the city. Of which, 200 builders and developers are the member of CREDAI Nashik, while remaining builders are small one engaged in projects up to 10 to 20 flats. “These builders have still 25% of the stock lying unsold or ready for the sale. The quantity of the unsold flats is expected close to 3,000 flats,” CREDAI sources said.
Umesh Wankhede, vice-president of CREDAI Nashik said that those planning to invest in flats must do so by this year end. “In Nashik prices of properties have been stable for the past two-three years. Consumers will never get the existing price once the unsold flats are sold out,” he added. According to him it has now become mandatory for builders to get new projects registered Maharashtra Real Estate Regulatory Authority (MahaRERA). “Around 750 real estate projects in Nashik have been registered so far since implementation of MahaRera last year. Around 15,000 new flats are to be constructed in next one or two years in the city,” said Wankhede.
According to Credai functionaries the costs of constructions have increased up to Rs 300 per sq ft due to implementation of MahaRera and Goods Services Tax. Hence, properties in new real estate projects will be costlier from next year, they added. With the festive season that has already begun from Ganesh Chaturthi and will continue up to Diwali, city builders have hope to clear their all old stocks by December end.
They are planning to introduce various offers to attract their customers in buying flats, said CREDAI office-bearers. The MahaRera came into effect in the state from May 1 last year. According to CREDAI, around 24,000 projects have been registered under RERA in the country. Of which, 16,000 projects are in Maharashtra alone. In Nashik division, 4,480 real estate projects registered with MahaRera in Nashik division so far. The Nashik division includes five districts, Nashik, Dhule, Jalgaon, Nandurbar and Ahmednagar. Source: Times Of India
As indicated by segment 11(2) of the Real Estate (Regulation and Development) Act, 2016, the ad or outline issued or distributed by the promoter is required to say the site address of the expert wherein all points of interest of the enrolled venture are entered and incorporate the undertaking's MahaRERA enlistment number.