24% decline in unsold homes priced above Rs 2.5 crore in MMR: Report

The Mumbai Metropolitan Region (MMR) reported a 24 percent yearly decline in unsold stock of homes priced above Rs 2.5 crore at the end of the March 2023 quarter, according to data from real estate consultant Anarock Realty.

The Mumbai Metropolitan Region (MMR) reported a 24 percent yearly decline in unsold stock of homes priced  above Rs 2.5 crore at the end of the March 2023 quarter, according to data from real estate consultant Anarock Realty.

At the end of March 2022, the unsold stock in this category stood at approximately 20,480 units; this dropped to approximately 15,520 units by the end of March 2023. In end-March 2019, the unsold stock was approximately 23,130 units.

Overall, unsold housing stock across all price categories saw a yearly rise of 13 percent in Mumbai Metropolitan Region, from approximately 1,77,560 units in end-March 2022, to approximately 2,00,540 units by end-March, 2023. The luxury segment was the only one to see a decline in this period.

The unsold stock of mid-segment homes (priced Rs 40-80 lakh) saw the highest rise of 33 percent in the year, from approximately 40,245 units in end-March 2022 to approximately 53,550 units in March 2023, the report further said.