New Delhi: The slowdown in the country's economy has caused a lot of damage to some sectors. These include the vehicle and real estate industries. The real estate industry has been suffering from a recession for a long time. According to a report, even after the demand for affordable housing increased, there are 4.12 lakh ready-to-move-in apartments in nine major cities of the country that have not been sold.
The prices are up to Rs 45 lakh. PropTiger, a property-buying company, said there are 7,97,623 such flats in nine major cities of Gurugram, Noida, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. Of these, 4,12,930 flats are priced at Rs 45 lakh and are in the affordable category, the company said. The company's CEO Dhruv Agarwal believes that housing sales in the affordable category will now pick up.
The government has raised the interest rebate limit on housing loans from two lakh rupees to three and a half lakh rupees. Earlier, JLL had released a report saying that construction of about 2.2 lakh flats in the country's seven largest cities is currently stuck due to the slump in the real estate market. Construction of these flats started in 2011.
The total value of these flats is close to Rs 1.56 lakh crore. According to the report, Delhi-NCR is the first place where most of the major companies have been declared bankrupt. The construction of about 71 percent of the flats here is incomplete, accounting for 56 percent of the total value of the country. Real estate companies are also stuck in the courts.
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