Moneycontrol Bureau
Real estate developer's body MCHI-CREDAI's Property Expo began today in Mumbai's Bandra-Kurla Complex (BKC) even as the sector grapples with a severe slowdown.
While the property exhibition is supposed to be a four day event, the developers' body in partnership with Housing.com will organise a 25-day virtual expo to showcase projects of over 250 developers.
This is the third major property exhibition of the year organized by the MCHI-CREDAI, the earlier ones being in Mumbai in April followed by another one in Bangalore in August.
Property developers are banking on prospective buyers looking to time their purchase to coincide with the festive season, considered as auspicious by many.DNA reported the inventory levels across India stood at over three years i.e. 37 months in August. But inventory in major property markets like Delhi-NCR and Mumbai are beyond alarming levels. It will take 72 months (6 years) to clear houses in Delhi and 46 months in Mumbai.
However, lofty prices in key markets and delays in ongoing projects have been major demand dampeners. With customers refraining from buying properties at current levels, it remains to be seen if developers announce discounts to boost sales.
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