In yet another indication that the real estate business is on the downslide, the Indian Railways has deferred its decision to invite builders to develop commercially a prime 11-acre plot outside Bandra suburban railway station.
Sources claimed that there were few takers for the 45,371 sq m plot, mainly because of the meltdown in the property market. The railways had set a reserve price of Rs 1,750 crore, which was described as an upfront lease premium for the site.
Builders, including the big daddies of the construction industry, are facing a liquidity crunch lately and several of them have backed out of multi-crore land acquisition deals, as reported by TOI in its June 14 edition.
More : timesofindia.indiatimes.com
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