Unsold stock of the housing units has increased by 11 per cent in the Mumbai Metropolitan Region (MMR) and 10 per cent in Greater Mumbai this year so far, according to a quarterly research report on the city's real estate.
As per Liases Foras, a real estate research and data analytics firm, 2.76 lakh housing units Mumbai Metropolitan Region (MMR) and 1.05 lakh units in Greater Mumbai remain unsold in 2017 so far. This takes the total to 3.81 unsold units. In 2016, these figures were 2.40 lakh for MMR and 95,855 for Greater Mumbai. Liases Foras released this data in its quarterly research report on Monday. As per the report, despite an upturn in sales, the inventory has remained high since 51 months now.
While Greater Mumbai had the highest share of unsold inventory, at 69 per cent. Meanwhile, in the MMR, Central Suburbs contributed the most to the inventory. "Major projects that contributed to MMR's unsold inventory list include Chembur Central by Aryaman Group, Xrbia and Crystal in Ghatkopar East, Omkar Signet in Malad East and Ruparel Optima in Kandivali West," the report stated.
Pankaj Kapoor, MD, Liases Foras said, "The current inventory has been piling on for the last 51 months. It is not a good sign. Therefore, the disposing of the inventory should be the main target for developers rather than increasing rates and as result piling the inventory," he said.
According to Kapoor, inventory should be cleared within eight to 10 months.
"It is good news that the property market improved despite the demonetisation and the implementation of RERA Act. But the inventory is piling due to new launches and high prices. The high supply will continue," Kapoor added.
...& ANALYSIS
The property market had witnessed a slowdown over the last two years. However, most of the new launches are at affordable segment and the sizes of the houses are also compact that buyer can easily afford, according to the latest report by Liases Foras
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