Why has there been a drop in new launches across the MMR

The real estate scenario in the country is both upbeat and heading down the hill, depending upon whom you ask. In India there are several pockets which do well and several others which don’t. You won’t be mistaken in thinking that individual micro markets and their fates are what is driving India’s real estate industry. The Mumbai Metropolitan Region is one of the largest real estate markets present in the country. It is made up of numerous micro markets spread across cities such as Mumbai, Thane and Navi Mumbai to name a few. Obviously Mumbai makes up for a fair chunk of this market. And obviously it has most number of unsold inventory when compared to the others. In fact if you take into account the worth of this unsold inventory, then the financial capital of the country has the highest value for unsold inventory beating out even the Delhi National Capital Region. Delhi NCR still holds the dubious distinction of having the highest number of unsold inventory. The capital city of Maharashtra is also going through some rough real estate weather. Buyers and investors are not coming to this city as they did once before. According to some reports, the unsold inventory of about 75000 units is present in Mumbai alone. This is a testament to the fact that the market is going through some rough weather. If the entire MMR is taken into consideration then there are about 2.20 lakh unsold units here. There are other factors at play here which are exasperating realty situation of this region. One of them is the uncertainty which is surrounding new constructions. The Development Plan for this area is yet to be released. Builders are waiting for more clarity on that front before planning a new launch. The Real Estate Bill 2016 has also cast a shadow on the industry as there are stricter rules in place to protect the consumers. Developers will take some time to get used to these rules and regulations and hence they are not coming up with any new projects. The number of new launches has dropped by about 30 to 40% in the first half of the year according to some reports. This might help reduce the number of unsold units currently present in this market. Not all parts of the MMR are doing quite as badly as Mumbai. Navi Mumbai is one of the few areas which is doing well on the back of affordability. Ulve is one of the hot property destinations in this area. Krishna Sarang Galaxy is located in this micro market. Krishna Sarang Galaxy by Shree Sarang Enterprises is an under construction project which will come into possession by January 2018. Krishna Sarang Galaxy consists of 1 and 2 BHK apartments. Considering the present real estate climate prevailing in this part of the country, projects like Krishna Sarang Galaxy by Shree Sarang Enterprises and other such under construction projects might find takers.