The Un”Real Estate” – The Sector that’s going to take a Massive Hit!
Be it about Mumbai or any other city, the real estate sector is doomed. The last time, a realtor has done a transaction in Mumbai is when he resold the two bedroom home on Monday after Diwali which is like almost ten days back. The home, with a floor area of 700Sqft, is an apartment of an old high-rise building which was built around 30 years back. It only weighed around Rs 3.80 crore roughly with the market price that was going in the Southern Mumbai belt. The price has been calculated at 47% which is why it is fixed at Rs 1.80 crore. The rest 2 Crore, however, is paid in cash because of the reckoner rate, and this is not an anomaly but a practice.
This is the usual method that the real estate people follow as they break up the entire amount in cash and cheque while a building is r...