How many unsold flats are there in Mumbai?

The real estate sector continues to stagnate in Mumbai as a staggering 108,929 housing units remain unsold in the city.

How many flats are unsold in India?

According to RBI data, unsold inventory levels have come down to about 7 lakh units on March 31, 2021, from about 8.5 lakh units in FY20 first quarter. “The slowdown in the housing market witnessed even before the onset of the pandemic bottomed out in the first quarter of 2020-21.

How many flats are there in Mumbai?

Existing housing stock in the city consists of housing for residential or mixed use (26,56,920 units) and vacant houses (4,79,842 units). Total housing stock, therefore, amounts to 31,36,762 units. The census reports that out of 26 lakh families, 8,561 households are homeless.

How many houses are unsold in India?

As on December 31, 2021, builders had an unsold stock consisting of 7,26,943 units in India’s eight housing markets.

India’s inventory burden
City Unsold stock on December 30, 2021 Inventory overhang in months
Pune 1,19,051 34
India 7,26,943 42
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Why flats in Mumbai are small?

The shrinking affordability of average Indian, case in point Mumbaikars due to high cost of living including travelling, electricity, education, medical expenses, grocery, maintenance bills etc lands them up with very less disposable savings which limits the affordability to buy lavish & spacious apartments and hence …

Which city has more apartments in India?

The Mumbai Metropolitan Region (MMR) recorded the highest sale of 76,400 residential units of the approximately 2. 37 lakh flats sold in the top seven Indian cities in 2021.

Do people in India live in huts?

The rural poor live in huts and government-supplied “houses” that are no more than 150-200 sq. ft. in floor area. Huts are usually constructed from mud blocks, roofs are thatched and the floors are covered with a mud and cow-dung paste that serves as a disinfectant.

How much is the average house in India?

The survey shows that the median house price in a metro is Rs15 lakh. It also shows that it is more expensive to purchase a house in a niche city than in a boom town. The median house price in niche cities at Rs10 lakh is higher than that of boom towns at Rs8 lakh.

How many unsold apartments are there in Bangalore?

A recent study by 99acres.com found the city had around 70,000 unsold housing units, about 52 percent of the total supply, in the beginning of October 2019 and the current unsold inventory would take around four to five quarters to get absorbed.

Why real estate is so expensive in India?

Because of easy bank credit available to the buyer for houses. In financial jargons, there is froth in the real estate market because of cheap money available via banks. When one individual agrees to pay 80 lacs for an apartment, it sends a signal that buyers have the wallet to buy properties at such rates.

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How many new houses are built each year in India?

An official Indian audit report in 2014 said that the annual rate of construction for the five years under the Congress-led government was 1.65 million homes. But under the current BJP government that figure had improved to 1.86 million houses a year for the period from 2016 to 2018.

Is it good to invest in flats in Mumbai?

Also, due to the considerable overhang of unsold inventory by the real estate developers in Mumbai, and delays in approvals for new projects in Mumbai, property prices in the city have stabilised. So, answering the question, investing in Mumbai is surely a good option for all.

What is super built up area in an apartment?

The Super Built-up area of a premise is the saleable area, which includes the carpet area, along with the terrace, balconies, areas occupied by walls, and area occupied by common/shared construction (e.g. lift, stairs, etc). In some cases, builders include amenities like a pool, clubhouse, and garden.