According to a report, out of the total units registered under MAHA RERA, 3.5 lakhs units remain unsold leading to an inventory overhang of 52 percent as of august 2017.
Despite more than 50 percent of the unsold residential inventory, the prices of projects have been substantially stable due to restricted new launches in MMR as stated by a report jointly published by Cushman & Wakefield and Prop stack.
An estimated number of about 6.7 lakh, 339 under-construction residential units across 5620 projects including residential and residential cum commercial projects are registered under MAHA RERA covering 506 million sq. ft. of development. Areas beyond thane in MMR observed maximum new launches and registrations under MAHA RERA at 1835 projects constituting 33 percent of total projects registered.
The western peripheral areas of the city including the stretch from Bandra in the south to Borivali in the north recorded 1400 projects making that constitute up to 25 percent of the total registrations. Eastern suburbs with 18 percent. Thane with 7 percent and south Mumbai with 5 percent registrations completed the rest of the table.
An estimated 3.19 lakh units are said to be sold with 1 and 2bhk configurations together constituting 87 percent of the total sales volume. 3bhk configurations had a share of 11 percent while the higher configurations made up a meagre one percent of the total inventory sold. Home buyer preference for smaller configurations can attributed to the high real estate prices in the MMR region.
The report further added that majority of builders have revised their project completion deadline while registering under percent of the projects is anticipated to be given on time while 43 percent of the projects show a delay of up to 3 years. The rest of the projects are delayed beyond 3 years.
Nearly 57 percent of the under-construction projects are delayed. It is also expected that a total of 1454 under-construction projects will be completed in 2018.