In a trust-deficit market like Mumbai, selling under-construction projects is always a challenge, but the matter has been compounded with excessive competition and inflated prices.
The notification also provided these local bodies with the power for according building permission and granting occupation or completion certificate with respect to industrial sheds, hospitals and educational institutions (including hostels) having built-up areas of more than 20,000 sq. metres to 1,50,000 sq. metres.
This high cost is in itself an incentive to introduce cash into a deal and save the stamp costs in realty transactions. Here are a few steps government should take to help real estate sector.