With its high rises and gorgeous cityscape facing the Arabian Sea, Mumbai seems to the dream home destination for home buyers across India. However, the reality is quite the opposite. As per a recent report, more than 2.2 lakh homes in the Mumbai Metropolitan Region (MMR) are lying vacant and yet to find their rightful owners.
The number of unsold properties in MMR is reportedly on the rise. It has risen from 1.43 lakh in 2013 to nearly 2.3 lakh units in 2016.
The whopping number of vacant homes can be attributed to property rates that have always been much higher in this locale than the rest of India. Moreover, many unsold properties are still under construction and buyers are preferring ready-to-move-in houses.
Although developers are reportedly trying to market such homes aggressively, the buyers are waiting for the construction to complete as such homes don’t fall under the bracket of GST, as per Samantak Das, head of research at JLL India, Realty Nxt reported.
“While Mumbai’s share in overall launches in MMR declined from 71% in 2013 to 67% in the first three quarters of 2018, Navi Mumbai has witnessed an increase in share from 9-17%,” Anuj Puri, chairman, ANAROCK Property Consultants told Realty Nxt.
However, all is not that bad in MMR. While Mumbai continues to bear the burden of unsold inventories, surrounding areas of the city like Thane and Navi Mumbai are on a better track. Over the past five years, there has been a steady sale of homes in both locations, primarily owing to affordability.