Chennai: Demand for luxury homes remains muted in India’s nine prime residential markets as more than half of such units launched in the past three years in these markets remain unsold, data available with PropTiger.com show.
Numbers available with the real estate portal shows that a total of 1,131 housing units, priced over Rs seven crore, were launched during the three year period between December 2016 and December 2019. Of these, 577 units or 51 per cent remained unsold as of January 2020. Similarly, a total of 3,656 units, priced between Rs five crore and Rs seven crore, were launched in these markets in the past three years.
Nearly 55 per cent of this stock remains unsold. Additionally, a total of 8,503 units, priced between Rs three crore and Rs five crore, were launched in these markets during this period, of which 56 per cent stock remains unsold, data show.
In terms of absolute numbers, the financial capital of India, Mumbai, has the highest number of unsold luxury units (30,015), followed by India’s pharmaceutical capital Hyderabad (8,554) and the Silicon Valley of India, Bengaluru (5,794) in third place. When compared to the levels seen in 2017, unit launches in the luxury segment declined in most price brackets across the nine markets. propTiger.com show, housing units rs seven crore, mumbai high number of luxury homes unsold