90% of inventories unsold in south central Mumbai: Report
The report said that a maximum of 29% is available in homes sized 1,500 to 2,000 sq. ft, followed by 23% each in sizes 1,000 to 1,500 sq.ft
One of the biggest markets for real estate, south central Mumbai has an unsold inventory of 90%, despite the stamp duty cuts and low home loan rates to boost sales, realty firm Anarock Property Consultants said in a report released on Monday.
Currently, there are 10,700 housing units available for sale in this region, which was formerly the mill land and hence created huge opportunities for development.
High net clientele least affected
The report said that a maximum of 29% is available in home sized 1,500 to 2,000 sq. ft, followed by 23% each in sizes 1,000 to 1,500 sq.ft. and 2,000 to 3,000 sq.ft, from the total available stock.
It also said that bigger properties sized 3,000 to 4,000 sq.ft have a least available stock of 5%, while areas have least available stock of 2% respectively.
Further, it said that about 25,660 units have been launched between 2013 till the third quarter of 2021 in south-central micro-markets including Worli, Prabhadevi, Mahalaxmi, Toredo and Lower Parel.
Between the fourth quarter of 2020 and the third quarter of 2021, 1,910 units have been sold in south central Mumbai, which is at least 86% more than the corresponding period a year ago.
Typically, the high net clientele which invests in the high value homes in the area was the least affected by the pandemic and the buyers largely scouted for ready homes or those nearing completion.
When it comes to sales, the broader Mumbai Metropolitan Region (MMR) follows the south central Mumbai subset, with 8% of units sold against 10%.
The firm said that MMR shed at least 8% of its unsold stock from 2,08,250 units as on the third quarter of 2020, to nearly 1,92,050 units as on the end of third quarter of 2021.