With no sales, realty market in investor-driven pockets of Panvel, Khargar, Ghansoli, Karjat and Kalyan is facing a slowdown.
The investors, mostly small-time, have purchased flats at lower rates, expecting to make a killing. “The sales have come to a standstill. Most of them have invested around three years ago, but there is no hike in prices. Investors fear the rates may drop further, leading to losses. Exorbitant prices, lack of proper connectivity and scarcity water are some of the reasons behind the drop in sales,” said Pankaj Kapoor, CEO, Liases Foras, a real estate research firm.
Ajay Chaturvedi, a real estate expert, said, “The builders promised the investors that the prices will rise considerably owing to the Navi Mumbai airport project and the trans-harbour link. But the projects are still on paper.”
Builders, however, beg to differ. “It is true that the investors own a majority of flats in these areas, but they have been given out on rent. Many are waiting as they expect the prices to rise once the major projects take off,” said Manohar Shroff, secretary, MCHI, Navi Mumbai.