Will take 3 years to clear unsold stock of flats in Mumbai

Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
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There are so many residential flats lying unsold in Mumbai that it will take more than three years to clear the stock. This means the skyrocketing price of your dream house might ease up.The value of the current unsold housing stock in Mumbai is around Rs8,535crore. According to the quarterly report released by real estate research firm Liases Foras, there is 12.9 crore sqft inventory (housing projects launched, but not necessarily built) with 1.13 lakh housing units lying unsold in the Mumbai Metropolitan Region (MMR), which includes the city and its satellite towns. Around 6 crore sqft inventory with 35,000 housing units is lying unsold within the city limits, the report added. The size of each flat in the MMR is 1,100 sqft, while that in the city limits is 1,600 sqft. β€œIt will take at least 40 months to sell this unsold stock in Mumbai, and that too if there are no new projects. But launches are happening frequently. This means the inventory will pile up further,” said Pankaj Kapoor, managing director of Liases Foras.β€œIn a healthy market, the inventory should be cleared within eight months. But the number of unsold flats in the city is rising every year.…

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