It will take 3 more years to sell the unsold flats in Mumbai

There are large amount of unsold flats in Mumbai, so much so that the total estimated value of such flats is around Rs. 8535 crore. It is expected that it will take around 3 more years to sell such flats and this would ease the issues of skyrocketing prices of housing realty. According to a quarterly released report by Liases Foras, a real estate research firm there is around 12.9 crore sq ft. of inventory with around 1.13 lakh housing units lying unsold in the Mumbai Metropolitan Region (MMR). The report further added that about 35,000 housing units with 6 crore sq ft. of inventory are lying unsold in the city itself. Mr. Pankaj Kapoor, Managing Director, Liases Foras was of the opinion that it will take atleast 40 months to completely sell the unsold stock and that too when there are no new projects. In a healthy market with rising demands the inventory shall be sold within 8 months but the number of unsold flats is ever rising in the city. “The flats are not being sold as they were expected, a year and a half ago,” he added. Pune is relatively selling more residential flats than Mumbai. The realty market in Mumbai is unpredictable whereas Pune’s market is an end user driven market. Many people familiar with the realty in the city agreed that there is a huge gap between the demand and supply in the city.