10 Percent Properties Still Vacant in Mumbai

Bangalore: Mumbai is one of the leading markets in India, when it comes to real estate. Surprisingly, it is found that more than 4.2 lakh houses are still lying vacant in the city, according to district level data from Census 2011. This year, the rates of vacant houses have increased to 10.5 percent as compared to 8.5 percent, 10 years before. When the census people were evaluating the data about 1.5 percent of the houses were found locked, probably because the residents were away this could possibly also be that have added to the percentage, According to MagicBricks.

The census data included residences as well as other dwellings such as shops, offices, hotels, hospitals, factories, workshops and places of worship. The census people also say that the number of houses falling short in the will also be revealed only after findings related to homeless individuals are released.

However, experts believe that the figure of vacancy house indicates that developers are not letting go their properties at low price instead they are keeping their properties to get high price, which has led to 10 percent vacant property in Mumbai. According to an urban development expert, R. N. Sharma, “It shows that speculators and builders don’t mind holding property in the hope that prices may rise at a later stage,” reports MagicBricks.

On this context, Chandrashekhar Prabhu, housing expert and former Mdhada Chief stated, “There are many dilapidated or ceased buildings, particularly in the island city, and families could keep such a room locked in wait for redevelopment while they stay in the suburbs.”

P. Arokiasamy, a demographic expert cited, “Many successful people buy houses in Mumbai as an investment but live elsewhere, which may contribute to vacant housing stock.”