Realty bites: Mumbaiites refuse to pay high cost of ‘living’, 1 lakh homes remain unsold

The MMR, which includes the city and its neighbouring suburbs of Navi Mumbai, Thane, Raigad and Palghar, has 2.60 lakh unsold homes since February

As prices of flats in Mumbai continue to rise, most seem to have put their home dream on hold. The number of unsold apartments, including ready and under-construction houses, in the city now stands at 1lakh, compared to 89,000 three months ago, according to a survey.

The number of unsold apartments, including ready and under-construction houses, in the city now stands at 1lakh. (File)

The Mumbai Metropolitan Region (MMR), which includes the city and its neighbouring suburbs of Navi Mumbai, Thane, Raigad and Palghar, too, has 2.60 lakh unsold homes since February.

In 2016, the real estate sector recorded its worst performance in seven years, with the sale of a measly 60,374 units in the MMR, a steep drop from the 1.08 lakh units sold in 2010.

Liases Foras, the realty research firm, which conducted the survey, said most people found the houses unaffordable. “Homebuyers can’t afford to buy apartments in the city,” said Pankaj Kapoor, CEO, Liases Foras. “Living in rented flats seems to be a viable option. Also, builders outside Mumbai are creating affordable flats and we are witnessing sales,” he added. The MMR covers area like Navi Mumbai, Thane, Raigad and Palghar apart from Mumbai.