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Two lakh houses ready, wait for buyers in Madhya Pradesh, Real Estate News, ET RealEstate

Two lakh houses ready, wait for buyers in Madhya Pradesh, Real Estate News, ET RealEstate
BHOPAL: In Madhya Pradesh close to 2 lakh properties are waiting for buyers across 1,800 projects in all categories including apartments, commercial, individual houses, plots and others.

Among the properties, majority of them are in the three main cities – Bhopal, Indore, and Jabalpur. In Indore there are around 62,000 units while in Bhopal 33,000 units and in Jabalpur 20,000 units are remaining to be sold in all categories, as per the real estate regulatory authority.

The builders point regulatory body is not providing a friendly atmosphere to work. “There is no registration of the projects. Realtors are facing lot of problems due to it. If the situation remains unchanged, the sale of properties would further dip in the state, Confederation of Real Estate Developers’ Associations of India (CREDAI) Bhopal, President Nitin Agrawal said.

RERA officials maintained they work as per the set procedure to safeguard the interest of the buyers as well as developers. Most of the complaints RERA received are of delayed possession or of construction not getting started or completing on time. Over 4700 complaints have been disposed so far, officials said, adding a Lok Adalat would also be held on December 11 for disposal of cases.

Builders point in covid-19, the real estate sector suffered a jolt – possibly second biggest after demonetisation in 2016. The sector looked up in the festive season, but it was not as expected. Besides, the raw material prices have gone up. Due to corona the people living in congested localities opted for ready to move duplexes. Builders point the momentum was in independent houses priced under Rs 50 lakh.

In July the government decided not to increase in the registration rate of the property for the current year. Before that to motivate people to buy homes in the name of women, the government in April announced to reduce the registry rate by two percent on properties purchased in the name of women.

The registry charges are 12.50% in urban areas which reduced to 10.50% for women. In rural MP, the registration charges came down to 8.50% if property is registered in the name of women.


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