At Odds Demand & Supply Of Homes
Affordable homes continue to be out of the common man’s reach in Mumbai. A survey conducted by Liases and Foras has revealed there is a huge demand for one-room and 1BHK houses, but the supply has failed to keep up with it.
On an average, the small houses segment has been taking 15 months to sell its yearly stock, while the luxury houses segment has been taking 25. Ideally, houses should be sold within eight months.
The survey stated that 1,415 1BHK, 1.5BHK and one-room flats were sold in 15 months against a yearly stock of 26,489 houses. 1,906 houses (2 BHK, 2.5BHK, 3BHK and 3.5BHK) were sold in 25 months against a stock of 60,134. The demand for luxury homes in the city is low. On an average, 2,975 super luxury houses (pent houses and duplex houses) are sold in 35 months against the yearly stock of 3,156. “On an average, it has been taking 35 months to dispose the yearly stock of super luxury houses. The duplex 3BHK section has been taking the highest period of 108 months to sell its yearly stock,” said Liases and Foras.
The super luxury segment is badly affected, but developers continue to build for this section because of the huge profits. The floor space index (FSI) is not applicable to balconies and terraces. Developers make huge profits by incorporating these components in luxury homes. However, it is not possible to have balconies and terraces in small homes, and so the profit is small.
Small houses are being constructed on the outskirts of the city, though the demand is in the island city. On the outskirts, people can afford bigger homes,
On an average, the small houses segment has been taking 15 months to sell its yearly stock, while the luxury houses segment has been taking 25. Ideally, houses should be sold within eight months.
The survey stated that 1,415 1BHK, 1.5BHK and one-room flats were sold in 15 months against a yearly stock of 26,489 houses. 1,906 houses (2 BHK, 2.5BHK, 3BHK and 3.5BHK) were sold in 25 months against a stock of 60,134. The demand for luxury homes in the city is low. On an average, 2,975 super luxury houses (pent houses and duplex houses) are sold in 35 months against the yearly stock of 3,156. “On an average, it has been taking 35 months to dispose the yearly stock of super luxury houses. The duplex 3BHK section has been taking the highest period of 108 months to sell its yearly stock,” said Liases and Foras.
The super luxury segment is badly affected, but developers continue to build for this section because of the huge profits. The floor space index (FSI) is not applicable to balconies and terraces. Developers make huge profits by incorporating these components in luxury homes. However, it is not possible to have balconies and terraces in small homes, and so the profit is small.
Small houses are being constructed on the outskirts of the city, though the demand is in the island city. On the outskirts, people can afford bigger homes,
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