Realty slowdown hits MMR
The slowdown in sales of properties in Mumbai has largely hit the luxury segment. According to the real estate consulting firm Knight Frank an estimated 80,000 unsold houses under construction are in the Mumbai Metropolitan Region (MMR). The study reveals that South and Central Mumbai are the worst hit.
While there are takers for units in the Rs 25 lakh to Rs 50 lakh price range, the refusal of developers to compromise on prices of luxury apartments in these areas has resulted in slump in prices. For instance, Navi Mumbai and Thane have less percentage of unsold stock than MMR.
The analysts have opined that developers can afford to hold on to their unrealistic rates as not much of their own equity is involved in the projects. As the properties stay unsold, the investors will be hit with loss of capital.
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Source: Indianexpress.com
Knight Frank, Luxury Apartments, Mumbai, Mumbai Metropolitan Region, Navi Mumbai, Property sales, Real Estate Sector, Realty News, Thane
