{"id":13706,"date":"2021-04-01T10:42:10","date_gmt":"2021-04-01T03:42:10","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11851"},"modified":"2021-06-04T16:11:22","modified_gmt":"2021-06-04T09:11:22","slug":"mumbai-sees-highest-yearly-decline-in-unsold-housing-stocks","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/mumbai-sees-highest-yearly-decline-in-unsold-housing-stocks\/","title":{"rendered":"Mumbai sees highest yearly decline in unsold housing stocks"},"content":{"rendered":"<p><span data-contrast=\"auto\">The Mumbai region saw the highest reduction in the last seven years<\/span><span data-contrast=\"auto\">, a decline of 8\u00a0percent<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_11856\" aria-describedby=\"caption-attachment-11856\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-11856 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/04\/shutterstock_1769172830.jpg\" alt=\"\" width=\"1000\" height=\"668\" \/><figcaption id=\"caption-attachment-11856\" class=\"wp-caption-text\">Mumbai Metropolitan Region had 14,820\u00a0new units during the quarter, the most among India\u2019s top seven cities. ManoejPaateel\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">According to data from\u00a0<\/span><span data-contrast=\"auto\">Anarock<\/span><span data-contrast=\"auto\"> Property Consultants, the <\/span><span data-contrast=\"auto\">Mumbai Metropolitan Region (MMR) has become one of the most confident residential property markets in India during the first quarter of 2021<\/span><span data-contrast=\"auto\">, as the region experienced the highest decline in unsold units led by sales <\/span><span data-contrast=\"auto\">momentum<\/span><span data-contrast=\"auto\">, as\u00a0<\/span><span data-contrast=\"auto\">reported in <a href=\"https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/mumbai-region-unsold-housing-stock-eases-8-in-q1-highest-drop-in-7-years\/81758876\" target=\"_blank\" rel=\"noopener\">ET Realty.com<\/a>.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The Mumbai region, as well as the country\u2019s financial capital and\u00a0<\/span><span data-contrast=\"auto\">neighbouring<\/span><span data-contrast=\"auto\">\u00a0city<\/span><span data-contrast=\"auto\">\u00a0Thane and Navi Mumbai<\/span><span data-contrast=\"auto\">, saw the highest yearly decline of eight percent in unsold housing stock by the end of the first quarter. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This reduction is the highest the region has experienced in the last seven years. Prior to this, MMR\u2019s stock either increased year-on-year or dropped by no more than three percent. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Nevertheless, the overall stock fell despite\u00a0<\/span><span data-contrast=\"auto\">the sufficient amount of<\/span><span data-contrast=\"auto\">\u00a0new supply that entered the market during this and the preceding quarter. MMR had 14,820\u00a0<\/span><span data-contrast=\"auto\">new units during the quarter, the most among India\u2019s top seven cities, yet rigorous sales <\/span><span data-contrast=\"auto\">in\u00a0<\/span><span data-contrast=\"auto\">the last two quarters immensely helped<\/span><span data-contrast=\"auto\">\u00a0reduce overall unsold stock.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Housing sales are driven by developer\u00a0<\/span><span data-contrast=\"auto\">discounts<\/span><span data-contrast=\"auto\">, limited-period stamp duty cuts, lowest-best home loan rates, and bottomed-out property prices.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Around 20,350 apartments were sold in MMR during the quarter, with 68 percent sold in Mumbai, 18 percent in Navi Mumbai, and 14 percent in Thane.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/land-frenzy-in-vietnams-outskirts-may-put-off-investments\/\" target=\"_blank\" rel=\"noopener\"><strong>More: Land frenzy in Vietnam\u2019s outskirts may put off investors<\/strong><\/a><\/p>\n<p><span data-contrast=\"auto\">Anuj Puri, chairman at\u00a0<\/span><span data-contrast=\"auto\">Anarock<\/span><span data-contrast=\"auto\">\u00a0Property Consultants, said,\u00a0<\/span><span data-contrast=\"auto\">\u201cMumbai is one of the most expensive real estate markets in the world. A reduction in overall acquisition cost by anything between 5-15 percent made a huge difference in buyer sentiments. Low home loan interest rates and developer discounts, and timely intervention of the government by ways of stamp duty reductions and a 50 percent cut in premium charges also helped the region get its mojo back even during COVID-19.\u201d <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While overall unsold stock in MMR dropped by eight percent, individually, Thane <\/span><span data-contrast=\"auto\">actually reported<\/span><span data-contrast=\"auto\"> the highest yearly decline of 14 percent, followed by Navi Mumbai with 12 percent, and Mumbai with five percent. Mumbai saw the least decli<\/span><span data-contrast=\"auto\">ne as it was the only city in the region that had an adequate new supply in the first quarter this year and the last quarter. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Mumbai recorded strong sales of 13,750\u00a0units\u00a0during\u00a0the quarter, an increase of 51 percent. As for new supply, Mumbai saw a 132 percent yearly jump to 12,920 units compared to other cities in the region.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Mumbai region saw the highest reduction in the last seven years, a decline of 8\u00a0percent\u00a0<\/p>\n","protected":false},"author":12,"featured_media":21106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[1286,216,382,1287],"class_list":["post-13706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-decline","tag-india","tag-mumbai","tag-unsold-houses","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with 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