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Since 2-3 years, many residences constructed in main cities are still lying unsold. Mumbai based Liases Foras said to the www.propertykhazana.com that, “Out of 8.25 Lakhs residences only 3.90 Lakhs residences were constructed in the past couple of years in the Mumbai Metropolitan Region, NCR, Bengaluru, Chennai, Hyderabad and Pune, where purchasers are found less in number.” The agency check out about 5,900 new housing ventures in these cities in December and January and about 55% unsold list interprets into no takers for about 55 Crores Sq.ft of a total 94 Crores Sq.ft of living space.
Chief Executive Officer of Liases Foras said to www.propertykhazana.com that, “the list of unsold residences across cities has two folded from many years and in Mumbai it has hiked almost 5 times in between 2006 & 2009 from about 1.70 Lakhs Sq.ft to 8.50 Lakhs Sq.ft.” Stocks gathered as developers changed their concentration from selling residences to getting fiscal valuations and this was done to draw more investment. He said, this manifest is from the fact that Chennai, which has a traditional realty market with little participation of equity players and has only about 45% unsold apartments less than Mumbai and Delhi and IT centers of Bengaluru, Pune and Hyderabad where about 55% of the stocks left unsold. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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