Real Estate market may be faltering here even as rates appear to appreciate in packets by as much as 49%, if anybody want to buy property than, they should know that the highest price of property in the Mumbai metropolitan region this year. One of the well known organization building permission department of Mumbai shows a 38% drop in proposals submitted to the civic body in the past few months.
Thane Municipal Corporation (TMC) received 98 proposals for real estate residential project between May 1 and November 11 this year, compared to around 135 it has been receiving during the same time for the previous 3 years. There are a lot of application was there for old building opting for reconstruction. So, during purchasing Thane Properties must discuss to TMC, is that property for good for me or not.
The slow work is visible despite Thane Municipal Corporation working at breakneck speed to clear proposals, granting twice as many commencement certificates in seven months than it usually does all year. The civic body issued certificates for 118 Residential Projects in Thane, including 99 new residential & commercial project, and same carried forward from past months. Thane Municipal Corporation received 137 new applications form and among them 65 application has been cleared in the year of 2010 to 2012.
There are many property rendered open after industries on it shut down has not been taken up for development either because a deal has not been brokered or developers are holding back in the sluggish market. This include about 125 acres owned by Raymong, 75 acres residential properties in Thane of Clariant Chemicals, 110 acres on which parts of the defunct Surendra Industry stood, valued at Rs 240 crore in the realty market.
