Falling sales and severe cash crunch have halted the development of more than 450 real estate projects in Pune. This has resulted in loss of jobs of around 5,000 construction workers. A detailed survey undertaken by Promoters and Builders Association of Pune (PBAP), a body that represents a large number of real estate developers in Pune and surrounding regions, revealed these numbers. “Construction of cheaper flats is impossible for builders at a stage when there is a severe credit crunch and the buying power of Pune residents has got stagnated due to higher home loan interest rates. This has formulated into a ‘deadlock’ which seems difficult to get resolved without active steps by the government of Maharashtra and Pune Municipal Corporation,” PBAP president and Kumar Builders chairman, Mr. Lalitkumar Jain said.

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