Despite demonetisation to bring out black money, the real estate rates are not coming down and the promoters are not ready to reduce the rate. The ready reckoner rates are going beyond the capacity of the common man, who dreams to own a house in Mumbai and adjacent vicinity. Union budget does not give the much needed reprieve for the middle class for going to affordable houses as well. In all, only very rich people can think of buying a home and the present situation will prevail for some more time. Government measures to ease out the cause did not yield any result and the stalemate continue in real estate prices. Mumbai Metro did not benefit much and the builders are waiting for buyers during festival days to make up their lose. The very purpose of promoting affordable housing scheme is defeated due to the price war and the buyer is put to test despite giving free stamp duty and registration charges and also by giving gifts on booking day.
(The views expressed by the author in the article are his/her own.)