3.5 lakh flats in Mumbai Metropolitan have no buyers
More than half the registered apartments in the Mumbai Metropolitan Region (MMR) of 6.7 lakh or approximately 3.5 lakh homes have not found buyers so far, according to data on the MahaRERA website. If the inventory appears bigger than that estimated by consultancy firms that pegged it at close to 1.4 lakh units in 2016, that’s because their surveys were limited. The information from MahaRERA, industry experts say, would be more comprehensive. The high inventory levels could be one reason prices of residential property have been by and large stable, experts say, pointing out that developers are looking for more affordable locations. New launches have lost some momentum in the last six months with the new rules coming into force.
At the end of August 31, as many as 5,620 projects or 6,70,339 units were registered on the MahaRERA website. Areas beyond Thane saw the maximum number of project launches and accounted for a third of registrations on the MahaRERA site. The bulk of these apartments or about 85% are those with one or two bedrooms, research firms Cushman & Wakefield and Propstack said citing information from the site. Gautam Saraf, MD (Mumbai), Cushman & Wakefield, said the availability of land at relatively lower prices in these areas allowed builders to deliver projects at prices that are more affordable.
Of the 3.2 lakh apartments sold, a little over 40% are smaller with one or two bedrooms. Just 36,000 flats are those with three bedrooms while only around 4,300 flats are bigger than that.