High end homes remain unsold in Mumbai
Knight Frank Research, a property consultancy firm, analyzed residential market comprising projects with a sales potential of above Rs 30 crore in Mumbai Metropolitan Region. Their analysis shows that Mumbai real estate market for high-end homes has stagnated during financial year 2012.
Absorption numbers for high-end homes in 2011-12 are estimated to have dropped by 35 per cent from 2010-11. The Mumbai market currently has an unsold inventory of 80,000 units which forms about 37 per cent of the total residential supply under construction.
Prices in premium micromarkets tend to be much more volatile compared to the peripheral suburban micromarkets. Hence, South and Central Mumbai, which only offer products of the residential price band at the premium rate, are experiencing highest vacancy levels.
Under these circumstances, the Navi Mumbai, peripheral western suburbs and Thane micro-markets have seen comparatively higher number of project launched in the previous two quarters.
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Source: NDTV Profit
Central Mumbai, high-end homes, inventories, Knight Frank Research, MMR, Mumbai, Mumbai Metropolitan Region, Navi Mumbai, property market, Realty News, Thane
