How many flats are unsold in Mumbai?

The real estate sector continues to stagnate in Mumbai as a staggering 108,929 housing units remain unsold in the city. From January to March, 6,780 housing units were launched in Mumbai, of which 5,775 houses were sold.

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.

Why are houses in Mumbai small?

Developers are marketing such products as compact homes. Unless apartment prices correct meaningfully, or income levels go up multifold in a short span of time, houses will still not be affordable for the masses. Thus, this trend of constructing compact homes would continue.

How many apartments are empty in India?

India is the second largest country by population in the world, and as such, makes a compelling case for the study of vacancy in a country with high housing costs[4] The Census of India (2011) reports that 11.1 million units, approximately 12.4\% of the total urban housing stock, are vacant.

How many apartments 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 flats are sold in Mumbai?

In 2020, 48,688 housing units were sold in Mumbai, India’s most demanding residential housing market.

How many flats are in Mumbai?

Why do people want to buy flats in Mumbai?

It is due to this reasons, people from all over India wants to purchase flats in Mumbai. They are even ready to purchase flats at expensive rates, even if it sounds exorbitant for some. For them, the rates are justified.

Why are apartments in Mumbai so expensive?

Apartments in Mumbai are expensive because of its close proximity to almost everything and anything. Especially on W.E.H. None the less there are residential projects coming up near Kandivali by Mahindra with good amenities, which could be a good option.

Why is Mumbai called the economic capital of India?

Mumbai is the economic capital of India. It is a place where every dreams get accomplished even massively at an early stage. Mumbai was never destroyed by a storm, due to its proximity to the sea. Storms destroy cultures, traditions, values of a society. People of Mumbai are non-ethnic, even before it was declared the economic capital of India.

Why are flats so expensive to buy?

Demand is also fueled by ample liquidity, as there are lot of options for easily and conveniently getting home loans to finance a property purchase. Hence, demand has always been surpassing supply. Thus, the cost of flats remain to be high, and buying a flat continues to be a perpetual expensive affair.