Flat sales down by over 61% in Mumbai
The Mumbai apartments sale in the financial year 2012 dropped by more than 60% from its peak in 2007 and 35% from 2011.
The city’s real estate market has stagnated with only 45,000 apartments sold in the Mumbai metropolitan region (MMR) during 2011-12, well below the market average of 80,000 units annually.
A report released by Knight Frank research said the market has an unsold inventory of 80,000 flats valued at Rs 1.05 lakh crore. It said that buyers kept waiting for the prices to drop in the near future.
About 55,000 flats were launched in FY 2012, down almost 40% from the 92,000 units launched the previous year. Supply was also constrained as developers actively delayed project launches and looking to liquidate current inventory before launching any fresh product to ease pressure on prices going forward, the report added.
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Source: Times of India
Apartment sales, Knight Frank Research, Mumbai, Mumbai Metropolitan Region, Real-estate market, Realty News
