Mumbai flat sales drop by 60%
Mumbai Metropolitan region (MMR), which normally has an annual flat sales average of 80,000 units, declines with only 45,000 apartments sold in the year 2011-12.
According to the Knight Frank research report released on Thursday the market has an unsold inventory of 80,000 flats valued at Rs 1.05 lakh crore.
Sales in the financial year 2012 dropped by more than 60% from its peak in 2007 and 35% from 2011. About 55,000 flats were launched in FY 2012, down almost 40% from the 92,000 units launched the previous year.
Increasing input costs of land, labour and raw material stopped developers from cutting prices.
Supply was also controlled as developers actively delayed project launches and looking to clear up existing inventory before launching any new project to reduce pressure on prices going forward.
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Source: The Times of India
Apartments, flat sales, Inventory, Knight Frank, labour, Land, Mumbai Metropolitan Region (MMR), New Project, prices, raw material, research, Supply
