Mumbai Retains Tag of 'Unaffordable Property Market'

Bangalore: One among the traditional real estate markets in India, Mumbai remains the most expensive housing market in the country with 29 percent of its total under construction units priced above 1 crore, compared with 11 percent and 5 percent in the National Capital Region (NCR) and Bangalore property markets respectively, according to a recent report released by property consultancy Knight Frank India.

However, Bangalore retains the tag of affordable housing market with 77 percent of its total under construction units priced below 5 million, followed by Chennai at 75 percent, said Knight Frank, reports Madhurima Nandy of Live Mint.

The real estate prices in Mumbai have become unaffordable for many due to its soaring property prices and premium property launches that falls under the ticket size of above 1 crore. This market scenario has restricted the purchasing ability of home buyers, resulting in slow uptake of units over the last few quarters. In addition, in the last few quarters, the rate of unsold inventory has increased drastically in the market, said the report.