The slowdown in the real estate sector stretches on as the number of unsold apartments in the Mumbai Metropolitan Region (MMR) has now touched 2.40 lakh units. In July, this number stood at 2.20 lakh. The MMR comprises of Mumbai, Navi Mumbai, Raigad and Thane.
In Mumbai, the number of unsold apartments is currently 70,000, a marginal dip from the 75,000 in July.
The primary reason for the number of unsold apartments rising in the MMR is developers not finding buyers.
According to Liases Foras, the real estate research firm that compiled the data, there is massive inefficiency in the realty market. “The current rates are unaffordable and so sales have suffered. This has resulted in the piling up of the inventory,” said Pankaj Kapoor, CEO, Liases Foras. “In addition, even the government is aggravating the situation by hiking taxes and annual increases in the ready reckoner rates.”
Developers, however, call the numbers misleading and exaggerated. “It is not possible to hoard such a huge inventory in the current market, given the liquidity crunch,” said Bhavesh Sanghrajka, CEO, Shraddha Lifescapes.