A recent article in the "Hindustan", reported a shocking situation... As much as 32,000 units of unsold flats are floating in the market as of date. If you include the MMR region - Thane, Navi-Mumbai, Raigad and Mumbai as a whole, then we could be looking at close to 95,000 units of unsold inventory.
The buyer who is faced with unrealistic, unaffordable & now a hike in interest rates on housing loans have simply dried away, prefering to wait it out with hope.
The builders on the other hand are still holding out - rates have remained steady in most places. Those in the distant suburbs have actually risen !!
Builders in the heydays have made enough moolah and have enough of cash reserves to play the waiting came.
A Bloomberg report noted that while the city’s unsold inventory climbed to a 110 million square feet, the average selling price in Mumbai climbed to a record Rs 10,021 per square feet. A recent Moneylifearticle noted that Mumbai builders had sold only 8.17 million square feet of property.
Our own Market surveys and analysis, points to the fact that construction activity though a little muted is still going on.
Inventory is piling up - but there are no buyers.
Even an upper middle class family in mumbai winches at the sheer thought of paying a whooping Crore plus for a regular two BHK.
The buyer who is faced with unrealistic, unaffordable & now a hike in interest rates on housing loans have simply dried away, prefering to wait it out with hope.
The builders on the other hand are still holding out - rates have remained steady in most places. Those in the distant suburbs have actually risen !!
Builders in the heydays have made enough moolah and have enough of cash reserves to play the waiting came.
A Bloomberg report noted that while the city’s unsold inventory climbed to a 110 million square feet, the average selling price in Mumbai climbed to a record Rs 10,021 per square feet. A recent Moneylifearticle noted that Mumbai builders had sold only 8.17 million square feet of property.
Our own Market surveys and analysis, points to the fact that construction activity though a little muted is still going on.
Inventory is piling up - but there are no buyers.
Even an upper middle class family in mumbai winches at the sheer thought of paying a whooping Crore plus for a regular two BHK.