Earlier this year, the government had allowed buyers with annual incomes between Rs 6 lakh and Rs 18 lakh to borrow at concessional interest rates. According to data available on the MahaRERA website, approximately 3.5 lakh homes of the registered 6.7 lakh apartments in Mumbai Metropolitan Region have not found buyers so far,. Experts say developers are looking for more affordable locations to make homes affordable.
“Developers are building smaller apartments because compact two-bedroom homes are selling faster at the moment. The interest subsidy for slightly bigger homes will help clear off inventory from older projects,” said Rohit Gera, MD, Gera Developments.