Unsold property shoots up in Mumbai
The real estate scenario in Mumbai remains grim with fewer buyers showing interest in purchasing property, the number of unsold units in the Mumbai metropolitan region has shot up.
As per records, unsold units touched 121.97 million sq ft by June 2012.
Of the total unsold stock, about 25% is located in the western suburbs from Bandra to Borivali and also in the areas beyond Thane in the central suburbs.
Unsold stock comprises almost 10% of ready flats, while the rest comprises under-construction and newly-launched projects.
According to experts, it will take approximately 37 months to sell off the current stock of unsold units under the cloud of high interest rates remaining stable.
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Source: Times of India
Mumbai Metropolitan Region, real estate in, Real estate in Mumbai, unsold flats, unsold properties in Mumbai
Its the same everywhere ….barring a few ‘B’ class cities. Expect this trend to continue till 2014 .