Property rates sliding in city due to new DCR

By Accommodation Times (www.accommodationtimes.com)

Mumbai:
According to the new approved Development Control Rules (DCR) which confines towers concessions and revised public parking policy, whereas the new DCR benefits are lesser for builders, so because of this property prices has started to slide.
According to the market experts the contemporary property rates are bidding highest across the country which are now slowing falling down but has warned that flat rates were unlikely to decrease.
In the recent few years realtors were used to buy properties on sky-high prices as these concession policies could be manipulated to offer unusually high construction rights to builders who could bribe their way through.
From 2005 to present country’s highest property deals has been done in the Mumbai as they have highest prices.
After the amendment of the duo policies proposed by municipal commissioner Subodh Kumar and sanctioned by the Maharashtra government, it has affected to different property deals such as DLF, the country’s largest real estate company which paid Rs 702 crore for the defunct mill in 2005, is quoting Rs 3,000 crore for the land parcel. But there are not many takers. According to the sources the sale of the 17-acre Mumbai Textile mill land at Lower Parel has been delayed after the amendments.