MMR property market prices have gone up by 1 per cent, while Greater Mumbai's market has not witnessed any growth.
The unsold housing stock in the city and in the metropolitan regions (MMR) has risen by 2 per cent. There were 2.72 lakh unsold houses in the first half (H1) of this year in MMR, as against 2.67 lakh in the second half (H2) of 2017, according to a survey conducted by Liases Foras, the Mumbai-based property research firm.
According to the survey, Kolkata witnessed a high number of unsold stock — 61,307, against earlier 50,943. While in Delhi and its periphery, the unsold housing units stood at 2 lakh, against earlier 2.13 lakh and Pune has got 1.22 lakh unsold houses, against 1.14 lakh.
Interestingly, MMR property market prices have gone up by 1 per cent, while Greater Mumbai's market has not witnessed any growth.
The weighted average prices have almost remained stagnant in Greater Mumbai. Besides, new supply in Greater Mumbai witnessed a dip of 65 per cent, while MMR saw 38 per cent growth. Greater Mumbai witnessed only 4,574 units sale in 2018, as against 5,265 units in 2017, while 18,134 units were sold in MMR in 2018, against 15,824 units in 2017.
Pankaj Kapoor, MD at Liases Foras, the Mumbai-based property research firm said that there is a huge surge in new property launches, while Greater Mumbai continues to remain stagnant. "In new launches, most of the houses are compact and affordable. These houses are within peoples' budget, therefore, sale has increased particularly in MMR. Earlier, people were saying that demand for property will fall due to RERA, GST and demonetisation. Initially, the market was down. Now, it is growing because all these policy decisions have been streamlined," said Kapoor.
He said that in Greater Mumbai, sales growth was witnessed after property prices fell. "But the problem is that project cost has gone up. So, developers had little option but to decrease rates. The land cost and other components have gone up. If the government reduces the taxes and premium charges, then only property sale will go up in Greater Mumbai," Kapoor added.
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