Around 58% luxury apartments still unsold in Mumbai, says Icra report

Total value of unsold inventory in central Mumbai is estimated to be Rs 45,000 crore, while that for Mumbai city stands at Rs 83,000 crore

About 58 per cent of luxury apartments — more than 1,500 square feet each —are unsold in Mumbai, rating agency Icra has said.

It also said the unsold inventory in Mumbai stands high at 54 per cent of the total units, while that for central Mumbai, which houses many luxury projects, stands at around 52 per cent of the units.

“The unsold inventory in Mumbai might be higher due to long execution delays in some of the projects. Around 11 per cent of the area in Mumbai city does not have revised date, indicating long delays, as compared to 9 per cent