Mumbai builders in race to complete housing projects
There is  a rush among Mumbi-based builders to complete projects while customers are preferring to pick up property in the affordable categories. Mumbai-based Wadhwa Group had received occupation certificates (OC) for six projects in the last 18 months. Construction on…

There is  a rush among Mumbi-based builders to complete projects while customers are preferring to pick up property in the affordable categories.

Mumbai-based Wadhwa Group had received occupation certificates (OC) for six projects in the last 18 months. Construction on these projects have been advanced by 8-9 months, Mint quoted Vrushank Mehta, head, corporate strategy and land acquisition, was quoted as saying.

“We always had strong focus on project execution and on-time delivery, but post advent of GST, we have pushed our teams to deliver projects and secure OCs before time, as we get advantage of nil GST on OC inventories,” he said.

According to data compiled by property advisory Liases Foras, supply of ready-to-move-in homes priced over Rs 2 crore has jumped 23% across the top eight cities, including Delhi-NCR, Mumbai, Bengaluru and Hyderabad, to 4,800 units in the first six months of 2018, compared to the same period last year.

Pankaj Kapoor, founder and managing director, Liases Foras, said there was a growing focus among developers to complete projects rather than launching new ones. “This is clearly driven by customers’ preference to buy ready properties due to the added advantage of saving GST.”

(ends)

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