No buyers for over Rs. 2400 crore ready-to-move-in flats in Mumbai

Q: What is the unsold inventory of ready-to-occupy flats in Navi Mumbai?

khushisha, Mumbai

9th July 2015

Real estate News in Navi Mumbai

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Replies (4)

Hi all,
It is very important for the developers that they change their business practices as buyers are avoid by certain developers' track record and builders also need to realise that buyers will buy into their completed projects and thus should stick to their construction deadlines and manage their cash flow during the construction phase properly. Otherwise they will have to face the same kind of difficulties in the near future.

Bulbul Verma,

9th July 2015

Comment

The proportion of the ready yet-unsold housing inventory is around 3.5 per cent of the total unsold inventory in the Mumbai Metropolitan Region with Navi Mumbai being the worst hit. The value of this ready-to-occupy inventory is over Rs. 2,430 crore.

MadhavJha, Mumbai

9th July 2015

Comment

@@Madhav,
Developers think that they are the only wise person and the buyers are full but in realty it is totally opposite. They may think that ticket sizes offered by them are justified, the market seems to think otherwise.

Besides, units priced below Rs. 65 lakh are situated in emerging areas of Navi Mumbai such as Ulwe , Karanjade, Dronagiri etc. or on the far-away stretches off Ghodbunder Road in Thane.

Varun,

9th July 2015

Hi everybody,
Do you know that more than 30 months, in Mumbai and Thane, 1.10% and 1.33% of the total unsold units are ready for possession. Only 2600, or 3.35%, of the total unsold inventory of 77460 residential units have been completed in Mumbai as well as Thane and Navi Mumbai.

Anuj Gupta, Mumbai

9th July 2015

Comment

Well Anuj,
Report also indicates that of the total unsold inventory, 5311 units are priced above Rs. 5 crore, nearly 17000 are priced between Rs. 2 and Rs. 5 crore. Over 35700 units are priced between Rs. 65 lakh and Rs. 2 crore, while 19500 units are priced below Rs. 65 lakh.

Ares,

9th July 2015

@Ares,
It is happening because buyers are expecting of a price expectation in this weak market. It also shows that how buyers prefer to buy into completed projects. I want to clear here that the market has become largely end-userdriven and investors no longer park funds in residential real estate as the high returns was completely diminished.

Anuj Gupta, Mumbai

9th July 2015

One more thing which i want to share that slow sales could also be due to most of these 2600 units being priced over Rs 1 crore, which is unaffordable for many buyers. Vile Parle to Goregaon have 205 completed but unsold units Rs. 2 crore and above in Navi Mumbai.

Ares,

9th July 2015

As per a report jointly released by developers' body Confederation of Real Estate Developers Association of India ( CREDAI) and JLL India. The proportion of unsold housing inventory is around 3.5% of the total unsold inventory in the Mumbai Metropolitan Region. In which, Navi Mumbai being the worst hit.

Anuj Gupta, Mumbai

9th July 2015

Comment

Right Anuj,
Housing inventory levels continued to rise to record levels due to weak sales. It is happening because of unaffordable prices even after developers are offering various discounts and schemes. Report shows that proportion of completed apartments in Navi Mumbai that are yet to be sold is at 8.13% of the total unsold inventory

Ares,

9th July 2015