With 340,000 unsold units in Mumbai, developers are under pressure

The unsold housing stock in the Mumbai Metropolitan Area (MMR) reached a new high as sales outpaced sales in India's most expensive housing market. The number of new units available for sale reached nearly 340,000 units as of September 30, according to data calculated by real estate intelligence platform Liases Foras. This number is almost 5x the annual revenue of developers in the region.

More than a third of this unsold stock is in the city of Mumbai, the rest in locations such as Thane, Panvel, Navi Mumbai and other sprawling suburbs. Spurred on by an FSI discount offered by the municipal company, developers in Mumbai went to extreme lengths when signing new projects. Approvals for new projects increased 5x last year compared to a normal year. Those approvals are now seeing conversion on the ground as builders launched a flurry of projects over the holiday season.

In Mumbai, 30 percent of the stock is below Rs 10 million while 70 percent is less than Rs 20 million. Contrary to the view of many commentators that larger homes have been all the rage since COVID-19, 75 percent of inventory is made up of 2BHK units and smaller configurations.

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