New Delhi: Mumbai Metropolitan Region (MMR) has witnessed a 33 per cent annual increase in unsold homes, priced Rs 40-80 lakh each, to 53,550 units at the end of March this year, according to property consultant Anarock.
“Overrall unsold housing stock across all budget categories in MMR saw a yearly rise of 13 per cent — from 1,77,560 units by Q1 2022-end to 2,00,540 units by Q1 2023-end,” Anarock said.
Unsold stock of mid-segment homes (priced Rs 40-80 lakh) in MMR saw the highest rise of 33 per cent to 53,550 units by March this year compared with 40,245 units a year ago.
MMR’s inventory of homes priced Rs 80 lakh to Rs 1.5 crore rose by 23 per cent to 53,080 units by March-end this year from 43,140 units by the first quarter of FY2022.
Unsold inventory of homes priced between Rs 1.5 crore to Rs 2.5 crore saw a 7 per cent rise to 24,420 units from 22,830 units.
The stock of affordable homes (priced within Rs 40 lakh) rose 6 per cent in MMR to 53,970 units from 50,860 units.
However, Anarock noted that the luxury segment (prices above Rs 2.5 crore) was the only one to see a 24 per cent decline in unsold housing stocks to 15,520 units at the end of March this year from 20,480 units in the year-ago period.
‘Luxury homes are driving housing sales across most cities since the first Covid-19 wave,” Anuj Puri, Chairman of Anarock, said.
”The quest for more space — one of the defining characteristics of luxury homes — fuels most of this demand, which has helped developers to clear significant chunks of their unsold luxury stock,” he added.
The current luxury stock of 15,520 units is the lowest the city (MMR) has held in this category in a long time, Puri said.
