Nearly 54% of MMR housing supply below INR 80 lakh – ANAROCK Report
As of Q3 2018, nearly 0.2 million units remained unsold in the Mumbai Metropolitan Region, states ANAROCK Property Consultants’ latest report ‘The Peripheries – Greater Mumbai’s Future Suburbs’. MMR accounts for around 37% of the overall unsold units across the top 7 cities in India. Unsold inventory in MMR has witnessed a growth of nearly 56% till the end of Q3 2018 over 2013. Aggressive launches between 2013 till 2015 have added to the unsold stock.
However, post-2015, with restricted launches and stable absorption rates the market has reversed its trend and the unsold stock has started to decline. Between 30-35% of new housing launches in the Mumbai Metropolitan Region have been its emerging suburbs,
Anuj Puri, Chairman – ANAROCK Property Consultants said, “In the process of scoping out MMR’s new real estate growth corridors, this report clearly illustrates how the rising property prices in Greater Mumbai are leading to a natural housing demand progression towards the peripheral areas. While Mumbai’s share in overall launches in MMR declined from 71% in 2013 to 67% in first three quarters of 2018, Navi Mumbai has witnessed an increase in share from 9-17%.”
Due to the expansion of city limits from Greater Mumbai to the peripheries, more than 1.8 lakh units since 2013 have been launched in the western and central peripheral regions.
