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'3.5 lakh flats unsold in Mumbai metropolitan region'

Friday, November 10, 2017

More than 3.5 lakh homes were unsold in Mumbai metropolitan region out of the total 6.7 lakh under-construction flats registered with the state real estate regulator till August, according to Cushman & Wakefield and Propstack.

Global property consultant Cushman & Wakefield and real estate data analytics firm Propstack have analysed Mumbai Metropolitan Area (MMR) projects registered with Maharashtra Real Estate Regulatory Authority (MahaRERA) till August.

According to the report, as many as 6,70,339 units were registered under MahaRERA, of which 52%(3,50,713 units) were unsold and 48% (3,19,626 units) were sold.

The maximum inventories are in 1 and 2 BHK configurations totaling 5,87,500 units. In sales, configurations of one and two bedrooms were the most sold and contributed over 85 per cent of total sales.

"With over 50% of the current residential inventory remaining unsold, the prices of projects have been largely stable even as the momentum in launches of new projects has been slow in MMR region," the report said.

The buyers prefer smaller flats due to high real estate prices in MMR region. Even while the capital values of affordable homes across most micro markets have not seen any drastic changes, the report said that rates are higher by 10-15 per cent when compared to other cities like Bengaluru, Delhi NCR and Pune for comparable projects and locations.

"Maharashtra's early adoption of Real Estate Regulatory Act (RERA) will ensure that more projects get the requisite funding for completion of projects from domestic and international funds," said Gautam Saraf, MD (Mumbai), C&W.

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