The number of unsold flats in Mumbai is now at an all-time high of 32,000 units, an indication that buyers are showing little interest in the properties on offer. Around this time last year, the corresponding number was approximately 16,000 units.
If you take the Mumbai Metropolitan Region (MMR) as a whole — which includes Thane, Navi Mumbai, Raigad and Mumbai — the number of unsold flats goes up to 95,000 units.
These are the findings of Liases Foras, a leading non-brokerage firm that researches trends in the real estate market.
“The prices are simply unaffordable and with the hike in interest rates, there is tremendous resistance from buyers. Prices have risen across the place and sales are simply not happening,” said Pankaj Kapoor, CEO, Liases Foras.
Housing activists dub this trend as a classic case of hoarding. “There are many unsold flats across the city and builders are just holding on to them as they have the required cash reserves with them. There is absolutely no thought given to affordability,” said Sheetal Chheda, secretary, Revathy Foundation, an organisation which deals with housing issues.